The debate over the new FASB lease accounting standards is heating up.
A slew of complaints have been popping up in the last quarter of 2019 including one senator who’s introducing a bill to require the FASB to study new petitions in the future.
Controversy or not, one thing remains clear: No matter your lease number and no matter your company size or type, compliance with the new FASB ASC 842 changes isn’t optional.
And it’s not going to be easy.
In fact, there’s been an eyebrow-raising number of financial restatements filed in the past year. And most of them are related to the complexity of the FASB, GASB and IASB standards.
This raises a major red flag for private companies.
In fact, the stats and stories point to the fact that financial restatements caused by the new accounting standards could be a nightmare.