The new lease accounting standards are creating implementation difficulties for many companies. Not only do organizations have to collect data, they also have to learn to identify leases. Many will need to implement lease accounting software and establish new policies and controls. There are also complex technical requirements of the new standards that are different than what companies have dealt with before, including new practical expedients, lease and non-lease components, and the IBR.
With all of the changes to accounting guidance companies are facing, many will consider hiring an outside service provider to help with the implementation of the new standard. These service providers have expertise in the new lease accounting standards as well as knowledge of how to implement various lease accounting software. See below for a list of providers that offer services for implementing the new lease accounting standards.