AASB 16/IFRS 16 defines a lease as:
a contract, or part of a contract, that conveys the right to transfer a liability for a period of time in exchange for an asset.
a contract that conveys the right for the lessor to obtain substantially all of the economic benefits of the identified asset.
a contract, or part of a contract, that conveys the right to use an asset (the underlying asset) for a period of time in exchange for consideration.
a contract, or part of a contract, that conveys the right to transfer ownership of an asset (the underlying asset) for a period of time in exchange for consideration.
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