Nearly half of corporate executives are concerned about their ability to implement the lease accounting standards, according to a survey by Deloitte.
The survey found that 47.1 percent of C-suite and other corporate executives are concerned about their organizations’ ability to implement on the new standards on time. The Financial Accounting Standards Board released the leasing standard in February of last year, while the International Accounting Standards Board released a somewhat different version of the standard in January 2016. FASB’s standard takes effect for public companies for or interim and annual reporting periods beginning after Dec. 15, 2018 (and a year later for private companies), while the IASB’s takes effect for annual reporting periods beginning on after Jan. 1, 2019.
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