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KPMG poll: Much work remains to be ready for lease rules

Tammy Whitehouse | February 22, 2018

Companies still have a long way to go to be ready for new lease accounting rules that take effect in 2019, according to a recent KPMG poll.

In a blind, third-party survey of 150 companies, KPMG found only 15 percent of companies had completed their work to prepare for the new accounting standard that brings virtually all leased assets and related liabilities onto the face of corporate financial statements. Nearly half, or 45 percent, said they had implementation plans under way.

Another 19 percent of entities said they were in the process of planning their implementation activities, while 16 percent were still assessing how they will be affected by the new accounting requirements, so had not yet done any work to begin implementation. A final 5 percent said they had not yet taken up any work to assess how their financial statements will be... To get the full story, subscribe now.