This essay focuses on the review of pertinent disclosures linked to finance leases only as per existing standards that is essentially AASB 117 (or else IAS 17). Disclosures for particularly finance leases need to be identified as well as presented properly in the books of particularly the lessors as well as lessees. During the closing of the financial year, both the current along with non-current liabilities of a corporation are associated with the lease contract.