Explanation:

• The objective of AS 19, Leases, is to prescribe for lessees and lessors, the appropriate accounting policies and disclosures in relation to finance leases and operating leases.
• lease agreements to explore for or use natural resources, such as oil, gas, timber, metals and other mineral rights; and licensing agreements for items such as motion picture films, video recordings, plays, manuscripts, patents and copyrights; and lease agreements to use lands.