Lease Accounting Progress Report 2017

By February 27, 2017 December 28th, 2018 Research, White Papers

Lease Accounting Progress Report

Market Readiness One Year After the Publication of FASB ASC 842

Published February 2017

One year has passed since the initial publication of the new ASC 842 leases standard by the Financial Accounting Standards Board (FASB). In an effort to provide a quantitative status of projects, LeaseAccelerator developed a Lease Accounting Progress Report. The basis of the Progress Report was a survey conducted as a research study earlier this month with over 250 accounting and finance leaders. The survey respondents were from large US-based public and private companies, most with revenues of $1 Billion or higher. The survey questions assessed the progression of activities in areas such as project leadership, resource staffing, budget allocation, data collection, and systems strategy.

Reports Progress On

  • Staffing the Project Team
  • Securing Budget Approval
  • Obtaining Executive Sponsorship
  • Collecting the Data
  • Selecting Software Vendors

Includes Recommendations On

  • Cross-Functional Alignment
  • Estimating Project Timelines
  • Taking a Lease Inventory
  • Transition Planning