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New Lease Accounting Standard Poses Challenge for Corporates

Many companies will be starting from scratch to assemble data on equipment leases.

By Susan Kelly | Updated on July 13, 2016
A new lease accounting standard has handed companies a huge task, but a recent survey by EY and the Financial Executives Research Foundation suggests businesses are already getting to work.

The new standard, issued by the Financial Accounting Standards Board in February, requires companies to include leases on the balance sheet for the first time.

The survey of more than 125 CFOs and other finance executives found that the vast majority are familiar with the new standard, and almost half have taken some steps to begin to prepare, such as assessing the company’s readiness or starting to inventory the company’s lease data.

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