By Ken Tysiac
April 4, 2019
Many public companies are not finished implementing FASB’s new lease accounting standard, and one-third of private companies say they are unprepared to comply with the new standard, according to a new survey.
After filing earnings reports for the first quarter of 2019, 25% of public companies plan to spend just as much time implementing the lease accounting standard as they did in the first quarter — and an additional 24% of companies plan to spend more time now than they did in the first quarter, a Deloitte poll released Monday shows.
Meanwhile, just 30% of private companies participating in the poll said they plan to adopt on schedule in 2020. Public and private companies alike have found it difficult to locate all their lease contracts, identify embedded leases in other contracts, and extract the data needed to comply with FASB’s rules.
Continue Viewing This Journal of Accountancy Story
Back To Breaking News