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Lease accounting relief will ease adoption—but only a little

Tammy Whitehouse | December 19, 2017

With work winding down to get ready for the massive shift in how to recognize revenue, the next major accounting change exercise still awaits—lease accounting.

Accounting Standards Codification Topic 842, which contains the new rules that bring virtually all leases onto corporate balance sheets, takes effect Jan. 1, 2019. Staff members at the Securities and Exchange Commission are practically pleading with preparers to make progress sooner rather than later, so that any accounting or systems issues can be raised and addressed along the way.

At a recent national accounting conference, Sagar Teotia, deputy chief accountant at the SEC, said companies really need to dig into their lease contracts, and even executory or other service-...

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