Lease Accounting Revamp Looms


As the Financial Accounting Standards Board's new version of lease accounting, which could add half a trillion dollars in liabilities to corporate balance sheets, moves closer to adoption, a study just released by Deloitte finds that only 7% of companies say they are "very prepared" for the changes. Final approval of the standard is expected later this year and implementation in 2014 or 2015.

That proportion may be "so low because many are waiting until the standard is finalized," says Josh Leonard, a partner in Deloitte's financial advisory services practice.

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