- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
More than 15 percent of public companies surveyed in late October had not yet begun implementing the new lease accounting standard that takes effect Jan. 1.
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Midway through the first year of complying with new lease accounting rules, only a little more than half of public companies said they completed their transition.
Companies generally are expected to be ready to report under new lease accounting rules but still face some added work to prepare for ongoing compliance.
ICFR guides by preparers and for preparers are meant to help the preparer community develop and document internal controls over leases and CECL adoptions.
