For public companies with fiscal years ending December 31, 2017, the effective date of the new lease standard is rapidly approaching. Companies need to begin the implementation process now if they have not already started. One of the keys to a successful implementation of the new lease standard is to ensure that the right data is in the right place. Companies will need to assess system and staffing requirements necessary to implement the new standard. Considering all that is required to implement ASC 842, and with the required adoption date looming, companies must begin the assessment and planning process now.