The Wall Street Journal recently checked in with the CFO of Genesis Healthcare to see how the transition to the new lease accounting standard is going.
Not good, apparently:
Genesis Healthcare Inc., a Kennett Square, Pa.-based post-acute health-care provider, for instance, had to chase down hundreds of small equipment leases, finance chief Tom DiVittorio said.
Mr. DiVittorio anticipated searching for leases for medical equipment and copy and fax machines, but he soon realized he needed to find less obvious ones such as a lease embedded in a service agreement.
“Even people in our nursing facilities who need to be focused on patient care had to help us dig up leases,” said Mr. DiVittorio.
ARE YOU HAPPY NOW, FASB?!