AASB 16 Leases 3-4,Aus3.1-Aus3.2: Apply the Standard to every lease, including subleases, outside the five exclusions, with the Australian carve-out for service concession assets and the extension to public sector licences that are leases in substance

What does 3-4,Aus3.1-Aus3.2 require?

Every lease is in scope, including a sublease of a right-of-use asset, apart from leases to explore for or extract minerals, oil, gas and similar non-regenerative resources, leases of biological assets within AASB 141 held by a lessee, service concession arrangements under Interpretation 12, intellectual property licences granted by a lessor under AASB 15, and rights held by a lessee under AASB 138 licensing agreements for copyrights, patents, films, recordings, plays and manuscripts. A lessee may choose to apply the Standard to other intangible asset leases. In Australia the Standard does not reach service concession assets recognised under AASB 1059, while a not-for-profit public sector licensor applies it to licences that are, or contain, leases in substance (other than intellectual property), with AASB 15 taking the licences that are not.