Conference addresses complexities of the new leasing standard
Jul 06, 2017
On July 6 2017, Accounting Today released an article that highlights a recent Financial Executives International conference where Deloitte & Touche LLP partners, Jeanne McGovern and Derek Bradfield, discussed the complexities of the new leasing standard.
In the article, Mr. McGovern says that “the FASB and IASB standards that came out in early 2016 fundamentally brought all leases on the balance sheet. While those standards are similar in that regard and were originally a convergence project for the IASB and FASB, they definitely diverged quite a bit and created a number of differences which create complications for global companies that report in both U.S. GAAP and IFRS.”
Also, audit committees are asking more and more questions and that they’ve learned their lesson from revenue: It’s better to start asking questions sooner rather than later. So, experts are warning companies not to procrastinate anymore. They need to be gathering a lot of information over the next 18 months to be ready for 2019.
Review the article on Accounting Today's website.
