Bloomberg Tax
July 16, 2019, 8:46 AM

Lease Accounting Struggles Spill into Second Quarter

Amanda Iacone
Amanda Iacone

Public companies limped across the finish line to revamp their lease accounting earlier this year, but the hard work isn’t over yet.

Companies expect to spend just as much time and effort updating their operating lease liability for second-quarter filings as they did when they adopted the rules in the spring. To calculate the liability they must still rely on spreadsheets and an army of accountants and consultants.

“This is not over for public companies by a long shot. This is still an ongoing challenge,” said Bruce Pounder, who runs the consulting firm GAAP Lab and worked with dozens ...

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