The final new FASB lease accounting standards are expected to be announced anytime between now and the end of the year.
Companies that don’t begin preparing now will find themselves in the position of scrambling to avoid damaging penalties and likely use up a great deal of time and money. This can be avoided, but the window of opportunity to be proactive is closing quickly.
There's no way around it, complying with the new standards is going to be challenging for most companies. One thing that you can start doing right away to smooth the implementation of the new standards is gather the data you'll need. Capitalizing a lease under the new FASB guidelines will require the following 15 pieces of information about each lease longer than 12 months, including existing leases: