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Angst over lease accounting grows, new polls say

Tammy Whitehouse | August 1, 2018

A pair of new poll results suggest anxiety is growing at public companies that have five months remaining until new lease accounting rules take effect.

KPMG and Deloitte revealed surveys indicating companies are still struggling with adoption of the new leasing accounting rule, Accounting Standards Codification Topic 842, and are getting more concerned about their ability to get done on time. Bringing nearly all leased assets and liabilities on to corporate balance sheets, ASC 842 takes effect for calendar-year public companies on Jan. 1, 2019.

Only 40 percent of nearly 400 respondents to KPMG’s survey indicated they had performed an inventory of their leases, and only a little more than half had worked out what lease accounting software they would...

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