Navigating the impact of the new Leases Standards
A Deloitte Global IFRS 16 and ASC 842 readiness survey
The new Leases Standards issued during the first quarter 2016 by the International Accounting Standards Board (IFRS 16 Leases) and the Financial Accounting Standards Board (ASC 842 Leases) (collectively the “new Leases Standards”) - are mostly converged. For a majority of companies, the new Lease Standards will take effect for financial reporting periods beginning in 2019.
As Deloitte accompanies organizations in their new Leases Standards implementation projects (where permissible under applicable independence and professional standards), we identified a need for organizations to share their many challenges and to understand those faced by others in their jurisdictions, regions and industries around the world. In response, Deloitte launched the Global IFRS 16 and ASC 842 readiness survey which highlights the challenges and complexities facing organizations when implementing IFRS 16 and ASC 842 across the world. The survey found that, with a few regional exceptions, many of the challenges and issues identified are similar across all organization sizes and industries.
Key survey highlights
Organizations need to understand challenges identified around the world regarding new Leases Standards implementation projects. Deloitte Global’s survey highlighted the key findings above. For full survey results and analysis please download the Deloitte Global IFRS 16 and ASC 842 readiness survey above.