Another new poll on lease accounting says companies are starting to freak out over how they’ll meet the 2019 effective date for public companies to begin reflecting leased assets and liabilities on corporate balance sheets.
A day after PwC released data showing companies are moving slowly to adopt the new accounting standard on leasing, EY’s new survey data says only 27 percent of companies believe they are on track to achieve the critical milestones necessary to comply on time. Companies cite a host of challenges, like gathering the necessary data from lease contracts, updating or installing new systems to perform the new accounting, finding enough people hours to get the job done, and even interpreting the technical accounting requirements of the standard.
