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System, identification issues complicate lease adoption

Tammy Whitehouse | May 17, 2018

The Securities and Exchange Commission is hearing concerns that companies are still having trouble getting IT systems in place that can put leases on corporate balance sheets as required in 2019.

Kevin Vaughn, senior associate chief accountant at the SEC, said problems with systems are perhaps the most significant challenge companies are facing in their race to comply with Accounting Standards Codification 842, which requires public companies to reflect leased assets and liabilities on the face of financial statements effective Jan. 1, 2019. “What we’ve heard, especially most recently, is there just are not...

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