A recent PwC survey found that only 1% of companies had completed adoption of the new lease accounting rules. For the other 99%, we offer some lessons learned to date from companies that have already made substantial progress with their implementations to help smooth the path forward.
Implementation of the new lease accounting standards typically includes three phases (see diagram). Click the tabs below to take a closer look at what is involved during each of these phases.
This timeline is provided only as an example. Your actual timeline may vary, based on your circumstances.
PwC offers companies deep and integrated expertise with respect to adoption of the new lease accounting standards, and the many impacts on business models. We can help evaluate and implement a wide range of solutions and process changes to address affected areas including accounting, systems, processes, controls and tax, to name just a few. We look forward to discussing how we can help you navigate the adoption of this new standard.
*Source for statistics cited throughout: PwC’s 2018 accounting change survey.
FASB adds a new practical expedient for lessors and a new transition method to the leases standard.
What are companies spending to implement the FASB’s new lease accounting change? PwC offers guidance.
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