New lease accounting standards create challenges for companies

Forty-seven percent of financial and accounting professionals said new lease accounting standards will be at least somewhat difficult to apply, while 15% said implementation would be at least somewhat easy, according to a recent Deloitte poll. Creating a centralized, electronic repository of all of an organization’s leases is the top concern. For more information on the new leases standards, visit the AICPA’s Accounting for Leases webpage.