New lease accounting standards are sweeping the industry, bringing about significant change and challenges for entities of all sizes and industries. For most companies, the changes take effect beginning in 2019, but some entities, like private companies, have an extra year. The long-term impact of the new standards has yet to be seen, but the implementation issues facing many entities have become increasingly evident.
Preparing for the implementation of any new accounting standard can be a significant undertaking but, with the proper planning, companies can alleviate some of the headaches. To help ensure a smooth transition, consider these lessons learned.