AASB 16 defines a lease as: 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 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 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 transfer a liability for a period of time in exchange for an asset. The Preface to AASB 16/IFRS 16, Leases states that the new standard will: 25 enhance disclosures required of entities 2 4 provide a greater transparency of a lessee's financial leverage and capital employed. result in a more faithful representation of a lessee's assets and liabilities 3 4 all of the above options. The new accounting standard for leases, AASB 16/IFRS 16, has introduced: a single lessee accounting model for all leases with a term of more than 12 months. a multi lessee accounting model for all leases with a term of more than 12 months. a single lessee accounting model for all leases with a term of less than 12 months. a multi lessee accounting model for all leases with a term of less than 12 months