Jake Green, National Technical Partner comments on some of the new accounting standards.  From some of my own conversations with large corporates,  the underlying technical accounting issues are beginning to be appreciated - there are funnies but the issues are becoming more apparent perhaps?

What is not yet sinking in is how will the management of the new requirements be managed operationally.  How will companies manage hundreds of contracts or leases?  Spreadsheets?  

I would hope not - imaging the amount of hours your finance team will be locked up with managing endless spreadsheets assessing contracts with eventual inaccuracies creeping in. (Who's never had a formula error?) 

Act sooner rather than later so you have a smooth transition bringing all the right interested parties within in the company such as the IT team, sales  team, legal?

Don't leave it till the audit or near reporting deadlines.  Act now I say.