Definition: Value of tangible goods acquired through financial leasing

Transport

A lease is defined as an agreement whereby the lessor conveys to the lessee in return for rent the right to use an item of property for an agreed period of time. A financial lease is one that transfers substantially all the risks and rewards incident to legal ownership of an item of property. The title to the property may or may not be eventually transferred. Included in this variable should be the value (or estimate of the value) of all tangible goods made available for use by the unit by way of a financial leasing contract. The value of the goods used under financial leases should be included for the reference period in which the inception of the lease occurs.

Note: Annual payments for assets used under financial leasing should be excluded. The value of goods used under leases other than financial ones should also be excluded.