Organizations Have Less than 200 Workdays to Adopt the New Lease Accounting Standards (ASC 842/IFRS 16)

To prepare, organizations are turning to PowerPlan’s Readiness Checklist for the Lease Accounting Changes

ATLANTA – (APRIL 12, 2018) – PowerPlan, the leading provider of Lease Accounting software, is pleased to announce its Lease Accounting Readiness Checklist, which has helped organizations prepare for adoption with ASC 842/IFRS 16.

According to a recent survey from Deloitte, 78.8% of organizations did not categorize themselves as very prepared to comply with the new lease accounting standard. “During the remaining months before the lease accounting standards take effect, many companies should consider stepping-up their implementation efforts,” said Sean Torr, Deloitte Risk and Financial Advisory managing director, in a statement quoted in Accounting Today.

With the countdown on and so few days left to implement the changes to the lease standards from FASB/IASB, many organizations are trying to assess their readiness. PowerPlan’s lease accounting experts have prepared a checklist, which can serve as a framework to get started – or a supporting document to ensure key milestones are not overlooked. The checklist also includes a project template to track the timeline and status of important items to help organizations turn their responses into a workable plan. Download the checklist here and assess your readiness for the lease accounting standards.
 

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