Almost overnight, lease accounting has morphed into one of the profession's biggest headaches, as more than 300 companies have had to restate their financials, citing, among other issues, corrections to lease accounting errors.
In April, 58 companies, primarily in the retail and restaurant sectors, revealed material weaknesses in lease accounting, while these errors - an issue bought to the forefront recently by the Securities and Exchange Commission - comprised 22.5 percent of internal control weaknesses reported in April, up from less than 10 percent of weakness disclosures in March.
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