Only 9.8 percent of financial and accounting professionals say that their companies are prepared to comply with the new lease accounting standards, according to a new survey by Deloitte. Moreover, only 15 percent of the 5,400 financial and accounting professionals polled expect compliance to be easy. The survey found the top challenges to lease accounting implementation to be collecting necessary data on all organizational leases in a centralized, electronic repository, cited by 33.3 percent of the respondents, and instituting reporting processes to evaluate quarterly adjustments for the balance sheet, along with profit and loss statements, cited by 20.5 percent of the poll respondents.
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