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Companies launch year-end push to new lease rules

Tammy Whitehouse | October 16, 2018

The fourth-quarter dash to new lease accounting rules is on, and it’s becoming clear some companies will not finish their preparations in time to flip the switch to new systems by the Jan. 1, 2019, effective date.

“It is only a quarter out, but because you don’t have to report until the end of the first quarter, many are thinking they still have two quarters to work on this,” says Angela Newell, national assurance partner at BDO USA. “We still see a lot that are not as far in the process as they had hoped or wanted to be.”

Readiness spans a wide spectrum, says Joseph Brown, national managing partner at Grant Thornton. “We’re seeing everything from companies that are now in software and testing output to those in their ‘oops’ moment realizing they put this off way too long,” he says. That last group is getting smaller, he says,...

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