The expression "operating lease" is somewhat confusing as it has a different meaning based on the context that is under consideration.
From an accounting standpoint, this type of lease (if it fails to meet varied criteria that define a finance lease) results in off balance sheet financing which can be advantageous for companies in terms of gearing and other accounting ratios.
In countries covered by International Financial Reporting Standards, the tests are defined in IAS 17.
The similarity in the two pronouncements is that leases, which previously qualified as operating leases- and hence resulted in off balance sheet treatment, are now to be capitalized by the lessee.
Unlike a finance lease (differs by geography & whether a small residual value), at the end of the operating lease the title to the asset does not pass to the lessee, but remains with the lessor.