ScopeScope

Scope

2 This Standard shall be applied in accounting for all leases other than:

(a) leases to explore for or use minerals, oil, natural gas and similar non-regenerative resources; and

(b) licensing agreements for such items as motion picture films, video recordings, plays, manuscripts, patents and copyrights.

However, this Standard shall not be applied as the basis of measurement for:

(a) property held by lessees that is accounted for as investment property (see AASB 140 Investment Property);

(b) investment property provided by lessors under operating leases (see AASB 140);

(c) biological assets within the scope of AASB 141 Agriculture held by lessees under finance leases; or

(d) biological assets within the scope of AASB 141 provided by lessors under operating leases.

3 This Standard applies to agreements that transfer the right to use assets even though substantial services by the lessor may be called for in connection with the operation or maintenance of such assets. This Standard does not apply to agreements that are contracts for services that do not transfer the right to use assets from one contracting party to the other.