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Gaap Vs. Aasb S.NO.TOPICPG.NO.1.EXECUTIVE SUMMARY22.INTRODUCTION 23.DIFFERENCE BETWEEN OPERATING AND FINANCE LEASE24.ADVANTAGES OF OPERATING LEASES45.DISADVANTAGES OF FINANCE LEASES56.DIFFERENCE BETWEEN AASB117 AND US GAAP67.CONCLUSION88.REFERENCE LIST99.APPENDICES10Executive SummaryThis report explores the various elements of leases and leasing arrangements with the help of a case study and with reference to Australian Accounting Standards Board (AASB), International Accounting Standards (IAS) and.