A recent white paper by Avison Young, a Canadian-based commercial real estate services firm, reports very few companies are gearing up for the new real estate accounting rules that go into effect in next year, which could greatly impact businesses and their financial statements.

The Avison white paper, “The Big Change to the Lease Accounting Standards – New Rules Will Significantly Impact A Company’s Enterprise Value Unless Firms Act Now,” shows companies need to prepare now for the U.S.-based Financial Accounting Standards Board’s new policies, as well as the International Accounting Standards Board’s new standards.

“The white paper emphasizes that there are many things that real estate lessees and lessors can and should be doing today with respect for their lease structures, business operations and financial reporting processes,” Avison Young’s Chair and CEO Mark Rose said in a press release.

Sean Moynihan, Avison Young’s principal and author of the white paper, said that the financial side of a lease will affect how successful a company is.

“The main point about the FASB changes is this: how you negotiate the financial terms and conditions of a real estate lease will impact the financial success of your company,” Moynihan said.

He also said that getting advice from a professional can help companies control their finances.

“By getting proper advice from an adviser who deals with the lease on the front end before the lease is done, your firm can control the impacts to your balance sheet and income statement,” said Moynihan. “Many companies will be scrambling to gather the necessary information in 2018 if they don’t start preparing now.”