Accountants Seek Clarity on New Lease Accounting Standards
- By Liz Briggson
- October 30th, 2018
AccountingToday editor Michael Cohn reported, "Companies are still behind schedule in getting ready for the impending lease accounting standard." Read more...
With the effective date of the FASB’s new lease accounting standards less than two months away for public companies, Encoursa, in partnership with LeaseQuery, conducted a survey to understand the progress accountants are making toward the adoption of the new lease accounting standards.
You can view the full survey results here.
Only 43% of public companies are in the final implementation stage of deploying a tool and migrating data. The findings indicate a significant amount of work remains before public companies are ready to comply with the new standards going into effect next year.
Accountants ranked understanding the new standards as the biggest challenge in adopting the new guidance, higher than budgetary or staffing constraints.
Seven out of ten public companies are selecting lease accounting software as their tool of choice in tackling the challenge of adoption. With the added complexity of the new standards, spreadsheets will become less reliable. If you are on the fence about which tool to use, head over to LeaseQuery's website to read Why Lease Accounting in Excel Will Set You Up for Non-Compliance.
Working with a knowledgable software company has numerous benefits. Perhaps most importantly, they can help you better understand how the new lease accounting standards apply to your business.
LeaseQuery has a team of trained lease accountants ready and willing to offer a consultation and live demo. Click here to schedule yours today!