Hidden Costs of Lease Accounting
The unexpected challenges controllers are facing to maintain compliance
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Corporate finance has been given new lease accounting requirements they neither wanted nor asked for
But the deed is done, and the process of accommodating these new requirements is well under way. While all public companies and most large private companies have developed or implemented plans to achieve compliance, many are coming to the realization that maintaining compliance is considerably harder – and more expensive – than the comparatively straightforward process of achieving compliance.
The monthly close process must now include all of these new calculations, reports, and controls to be done in the same amount of time, and usually with the same staff resources.
In this white paper, we discuss the major unanticipated costs of maintaining compliance under the new lease accounting standards. We outline several common scenarios companies may find themselves in that could introduce risk if not properly handled, as well as the options companies have for addressing these issues.