A strange phenomenon is taking over the accounting world.
Even though there’s been a massive deadline delay for FASB ASC 842 compliance, most private companies are shrugging their shoulders.
In fact, 45% of private companies haven’t even started basic preparations for ASC 842 compliance. And 52% say the deadline change has halted their plans to move forward with implementation.
This passive attitude stems from the simple fact that some private companies don’t believe the new lease accounting standards apply to them.
If you fall into this line of thinking, we’ve got news for you.
There are actually few companies to which the new lease accounting standards don’t apply.
Because there are so many dangerous misconceptions floating around about what’s required with the new lease accounting standards and who’s required to follow them, we’re shedding light on this critical topic.
These 4 indicators should clear up the confusion for CFOs and controllers and safeguard against their private companies getting left behind.