It's time to get serious about the compliance timeline.
As we enter the final few months before the new FASB 842 lease requirements take effect, we know one thing for sure. Very few people are ready. PwC's accounting survey tells the story (that continues to shock us all)... Only 1% of companies are ready. 34% are still early in the assessment phase. 83% of all companies are less than 50% complete with the project. And one-third are unsure or doubtful they will meet the effective date. So basically, that means everyone's scrambling to meet the deadline.