Please note that the content of this book primarily consists of
articles available from Wikipedia or other free sources online. An
operating lease is a lease whose term is short compared to the
useful life of the asset or piece of equipment (an airliner, a
ship, etc.) being leased. An operating lease is commonly used to
acquire equipment on a relatively short-term basis. Thus, for
example, an aircraft which has an economic life of 25 years may be
leased to an airline for 5 years on an operating lease. The
determination of whether a lease is a finance (also called capital)
lease or an operating lease is defined in the United States by
Statement of Financial Accounting Standards No. 13 (FAS 13). In
countries covered by International Financial Reporting Standards,
the tests are defined in IAS 17. In July 2006, the FASB and the
International Accounting Standards Board (IASB) announced the
commencement of a joint project to comprehensively reconsider lease
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