Lease Accounting Survey Results
Encoursa, in partnership with LeaseQuery, conducted a survey to understand the progress accountants are making towards adoption of the new lease accounting standards. For calendar-year public companies, the new standards go into effect on January 1, 2019. Private companies have an additional year to comply. As expected, the survey found that public companies are farthest along in adoption. Yet, only 43% 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 meet the deadline. Compared to public companies, private companies are taking full advantage of the extra time to comply: 44% are still in the early stages of assessing their implementation plan. There are other great insights regarding team size, the tool of choice, and list of toughest challenges with implementation of the new standards.