ASC 842, IFRS 16, GASB 87
The New Lease Accounting Standards
Although, these new leasing standards were well publicized in accounting circles for almost a decade, few organizations were prepared for the change. Companies both large and small have struggled with adoption, investing far more time and budget into implementation projects than anticipated. Even large-cap, publicly traded companies, whose advanced financial systems can produce earnings reports just days after quarter-end, are struggling to automate their record-to-report processes. In 2019, the challenges became so overwhelming that the Financial Accounting Standards Board (FASB) extended the deadlines for privately held companies to allow more time to prepare.