Noticias de los Socios

The new standards on lease accounting are here. Whether a company reports under IFRS (International Financial Reporting Standards) or under US GAAP (Generally Accepted Accounting Principles) (collectively, the leases standards), the standards became effective from 1 January 2019 for calendar year-end companies

But our survey of companies around the world reveals that some will not have fully completed their implementation programs by the effective date and so will now be relying on interim solutions to enable compliance workarounds. Some organizations have something of a grace period if they have a noncalendar year-end or are a non-public business entity that applies US GAAP – but nevertheless with systems implementation alone likely to take 4–6 months or longer, many of these companies will also be facing a race against time. Projects are proving more difficult than expected, and costing more than anticipated. In many ways, this was to be anticipated.