9 Things Private Companies Can Learn from Public Companies
About the New Lease Accounting Standards
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- Finding your Leases
- Abstracting the Data
- Upgrading Systems
Answer the Key Questions
- Testing the Accounting
- Training the Center of Excellence
- Business Process Changes
Public Companies Underestimated the Challenge
Most public companies significantly underestimated the complexity associated with implementing the new lease accounting standards. They started late. They did not assign enough resources. And they did not allocate enough budget.
The good news is that private companies have an extra year to adopt the standards. And private companies can learn from the mistakes of their peers in public markets by avoiding the key pitfalls that created much of the last-minute chaos around the initial deadlines.
In this guide, we will highlight the nine biggest mistakes that public companies made in underestimating the complexity of the new leasing standard. From finding leases and abstracting data to defining business processes and engaging the business, we will help you to navigate the biggest landmines in your lease accounting journey.