Hopefully, you are well aware that the implementation of the new lease standard is fast approaching. This brings a revolutionary change in lease accounting that will affect entities across all industries.
However, if you have forgotten or are waiting until the third quarter—or later!—you may want to start preparing sooner rather than later.
If there’s one thing we learned from public companies implementing the new lease standard, it’s that waiting until the last minute adds more stress and risks audit problems down the road. The new standard requires lessees to recognize most leases on their balance sheet. It will also significantly affect the accounting for certain leases and may result in key impacts on an entity’s finances and operations which may mean that companies will need to implement new application solutions to manage these requirements.
If you are overwhelmed at the prospect of preparing for the new lease accounting standard, PBMares has you covered. We have a solution to help you implement the lease standard efficiently and easily.