Lease Accounting Post-Adoption

By Michael Keeler

Published in CFO

Many companies used brute force to meet the initial lease accounting deadlines. To comply long-term, they will need processes, policies, and controls. Over the coming months, these companies will need to transition to longer-term, sustainable strategies for compliance. They will need to institutionalize processes, policies, and controls for leasing that leverage automation and systems. They will need to perfect the close process to reduce the risk of earnings announcement delays. And they will need to bulletproof the record-to-report lifecycle to reduce the risk of a material weakness from their first post-implementation audit.