The clock is running down.
If you're a public company - with 6 to 9 months to implement FASB ASC 842 before the January 1st deadline - you've got a lot of work to do... and not a lot of time to do it in.
And if you're a private company with a little over a year to implement the mandate... time's still not on your side.
One thing is for sure...
Very few people are ready. In fact, PwC's accounting survey tells the shocking story that 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.