Operating lease
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.
An operating lease meets all requirements of FASB 13
In Australia an operating lease for a vehicle that is salary packaged and forms part of an employees remuneration package is known as a fully maintained novated lease.