Are we overstating the work involved to implement the new lease accounting standard? The answer to that is yes for most organizations. Experts tend to make generalizations across an entire population, which has caused concern for many who need to implement the new lease standard..
It’s true that some organizations have hundreds of leases and, overall, there are likely to be millions of leases in the U.S. At the same time, in conversations with hundreds of CPA firms, they tell us the vast majority of their clients have 20 or fewer leases, often just with one or two leases. This means implementation will not be that difficult for the majority of organizations.
If your organization has 20 or fewer leases, I am speaking to you. You can read the rest of the article in Accounting Today here.