Tabulate below are the characteristic that indicates it as a Finance lease:-

Transfer of ownership at the end of the lease term to a lessee [IAS17.10(a)(R.05)].
The lessee has a bargain purchase option [IAS17.10(b)(R.05)].
The lease term covers the major part of the asset’s economic life [IAS17.10(c)(R.05)].
Payments made by a lessee that are a substantial portion of a […]

Summarized below the basic accounting treatment for Finance Lease.
 

In The Books of Lessee

At the inception the lessee should recognize the lease as an asset and a liability at an amount equal to the fair value of the leased assets.

The liability for a leased asset should be presented separately in the balance sheet as a current […]

Summarized below the basic accounting treatment for Operating Lease.
 

In The Books of Lessee

The lease payment should be recognized as an expense in the Income Statement on a straight line basis over the lease term.

In The Books Of Lessor:

The asset in its balance sheet is under fixed assets

Lease income is recognize in the Income Statement on […]

For those unfamiliar between Finance Lease and Operating Lease, tabulated below in summary some of the differences:

Finance Lease

Operating Lease

Lease period is normally related to the useful life of the asset

Usually of a shorter duration and bears no relation to economic life of the assets.

Is a non-revocable contract.

Is a revocable one.

The […]

Understand some of the basic Types of Joint Ventures
 
Understand the basic difference between Joint Venture and Partnership
 
Understand the basic difference between Joint Venture and Consignment
 
Drafting the Joint Venture agreement
 
Understand the Potential Issues And Challenges In Joint Venture
 
Accounting Treatment for Joint Venture