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Survey: As Deadline Draws Near, Just 4 Percent Are on Schedule to Implement New Lease Standards

Chris Gaetano
Published Date:
Nov 12, 2018

With just weeks to go before their effective date of Jan. 1, 2019, only 4 percent of public companies have actually completed implementation of the Financial Accounting Standards Board's new lease standards, with the majority still working to complete the changeover in time, according to a PwC survey. The vast majority of companies, 80 percent, are still in the middle of implementing the rules, with 76 percent of those companies reporting that they are more than halfway done, and 13 percent assessing their impact. Still, the results show some improvement since the second quarter survey, which found just 1 percent had completed implementation, 57 percent were currently implementing the new standards, and 34 percent were still assessing their impact. 

The survey also found that compliance with the new revenue recognition standard—which went into effect last year for public companies—has lagged. While 88 percent of public respondents indicated that their effective date had passed, only 77 percent were done implementing the new revenue recognition standard— up from 66 percent in the second quarter. 

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