Market Readiness of Companies Adopting IFRS 16 and AASB 16
Over three years have passed since the initial publication of the new IFRS 16 Leases standard by the International Accounting Standards Board (IASB). In an effort to provide a quantitative progress report on the status of compliance efforts, LeaseAccelerator conducted a research study with senior (vice president and C-suite level) finance and accounting professionals from Australian companies.
- Almost 85% of respondents said their project had turned out to be more complex than they anticipated
- 61% are finding their project more complex than the new revenue recognition standard AASB 15
- 55% of respondents cited data collection as their biggest challeng
- How to correctly collect data from the onset
- Considerations when establishing a formal project team
- How to plan for on-going success beyond the initial compliance hurdle