Lease Accounting Standard Adoption at Private Companies, By Industry

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By June 12, 2019 at 12:38pm

LEASE ACCOUNTING STANDARD ADOPTION AT PRIVATE COMPANIES, BY INDUSTRY

Has your company begun the transition to the new lease accounting standard?

      Yes, completed Yes, started but not completed No
  NATIONAL   56% 26% 18%
  BUSINESS SERVICES   59% 28% 13%
  CONSTRUCTION   57% 25% 18%
  FINANCE   53% 30% 18%
  MANUFACTURING   51% 23% 26%
  PROFESSIONAL SERVICES   54% 27% 19%
  RETAIL/WHOLESALE   48% 34% 18%
  TRANSPORTATION/PUBLIC UTILITIES   69% 25% 6%
  OTHER   63% 23% 14%

CFOs who reported their company hasn’t completed the transition also were asked the question below:

 

How concerned are you about meeting the deadline?

    Very concerned Somewhat concerned Not at all concerned
  NATIONAL 18% 44% 39%
  BUSINESS SERVICES 15% 69% 15%
  CONSTRUCTION 31% 24% 45%
  FINANCE 35% 31% 35%
  MANUFACTURING 15% 44% 41%
  PROFESSIONAL SERVICES 5% 59% 37%
  RETAIL/WHOLESALE 9% 53% 38%
  TRANSPORTATION/PUBLIC UTILITIES 20% 40% 40%
  OTHER 19% 38% 44%

What is the most challenging aspect of the transition to the new standard?

(Answer options included: diagnosing the needed changes; finding professionals with the requisite expertise; identifying, inventorying and categorizing company’s leases; managing change; training staff; updating technology)

  NATIONAL Training staff
  BUSINESS SERVICES Identifying, inventorying and categorizing company’s leases
  CONSTRUCTION Training staff
  FINANCE Identifying, inventorying and categorizing company’s leases
  MANUFACTURING Managing change
  PROFESSIONAL SERVICES Training staff
  RETAIL/WHOLESALE Training staff
  TRANSPORTATION/PUBLIC UTILITIES Identifying, inventorying and categorizing company’s leases
  OTHER Managing change

CFOs who reported their company has completed the transition also were asked the questions below:

Which of the tools did you use for first-year compliance with the new lease accounting standard?

NATIONAL
Cutting-edge, advanced technologies 59%
Spreadsheets 52%
Lease accounting software 49%
Paper-based records 39%

 

BUSINESS SERVICES
Cutting-edge, advanced technologies 47%
Spreadsheets 47%
Lease accounting software 42%
Paper-based records 32%

 

CONSTRUCTION
Cutting-edge, advanced technologies 67%
Spreadsheets 44%
Lease accounting software 59%
Paper-based records 49%

 

FINANCE
Cutting-edge, advanced technologies 66%
Spreadsheets 47%
Lease accounting software 31%
Paper-based records 41%

 

MANUFACTURING
Cutting-edge, advanced technologies 69%
Spreadsheets 69%
Lease accounting software 47%
Paper-based records 36%

 

PROFESSIONAL SERVICES
Cutting-edge, advanced technologies 48%
Spreadsheets 52%
Lease accounting software 50%
Paper-based records 38%

 

RETAIL/WHOLESALE
Cutting-edge, advanced technologies 47%
Spreadsheets 50%
Lease accounting software 40%
Paper-based records 50%

 

TRANSPORTATION/PUBLIC UTILITIES
Cutting-edge, advanced technologies 73%
Spreadsheets 82%
Lease accounting software 27%
Paper-based records 55%

 

OTHER
Cutting-edge, advanced technologies 58%
Spreadsheets 47%
Lease accounting software 58%
Paper-based records 31%

Which tool did you rely on most?

NATIONAL
Cutting-edge, advanced technologies 40%
Spreadsheets 24%
Lease accounting software 22%
Paper-based records 14%

 

BUSINESS SERVICES
Cutting-edge, advanced technologies 42%
Spreadsheets 11%
Lease accounting software 26%
Paper-based records 21%

 

CONSTRUCTION
Cutting-edge, advanced technologies 44%
Spreadsheets 21%
Lease accounting software 21%
Paper-based records 15%

 

FINANCE
Cutting-edge, advanced technologies 44%
Spreadsheets 25%
Lease accounting software 16%
Paper-based records 16%

 

MANUFACTURING
Cutting-edge, advanced technologies 47%
Spreadsheets 19%
Lease accounting software 22%
Paper-based records 11%

 

PROFESSIONAL SERVICES
Cutting-edge, advanced technologies 42%
Spreadsheets 25%
Lease accounting software 23%
Paper-based records 10%

 

RETAIL/WHOLESALE
Cutting-edge, advanced technologies 30%
Spreadsheets 30%
Lease accounting software 13%
Paper-based records 27%

 

TRANSPORTATION/PUBLIC UTILITIES
Cutting-edge, advanced technologies 27%
Spreadsheets 36%
Lease accounting software 0%
Paper-based records 36%

 

OTHER
Cutting-edge, advanced technologies 37%
Spreadsheets 27%
Lease accounting software 28%
Paper-based records 7%

If you plan to change your approach to compliance in future years, which tool do you anticipate relying on most?

NATIONAL
Cutting-edge, advanced technologies 41%
Lease accounting software 25%
Spreadsheets 18%
Paper-based records 11%
Not planning to change 5%

 

BUSINESS SERVICES
Cutting-edge, advanced technologies 47%
Lease accounting software 16%
Spreadsheets 5%
Paper-based records 21%
Not planning to change 11%

 

CONSTRUCTION
Cutting-edge, advanced technologies 44%
Lease accounting software 23%
Spreadsheets 18%
Paper-based records 15%
Not planning to change 0%

 

FINANCE
Cutting-edge, advanced technologies 47%
Lease accounting software 19%
Spreadsheets 16%
Paper-based records 3%
Not planning to change 16%

 

MANUFACTURING
Cutting-edge, advanced technologies 42%
Lease accounting software 17%
Spreadsheets 11%
Paper-based records 17%
Not planning to change 14%

 

PROFESSIONAL SERVICES
Cutting-edge, advanced technologies 48%
Lease accounting software 19%
Spreadsheets 25%
Paper-based records 4%
Not planning to change 4%

 

RETAIL/WHOLESALE
Cutting-edge, advanced technologies 33%
Lease accounting software 27%
Spreadsheets 23%
Paper-based records 17%
Not planning to change 0%

 

TRANSPORTATION/PUBLIC UTILITIES
Cutting-edge, advanced technologies 46%
Lease accounting software 36%
Spreadsheets 9%
Paper-based records 9%
Not planning to change 0%

 

OTHER
Cutting-edge, advanced technologies 32%
Lease accounting software 35%
Spreadsheets 21%
Paper-based records 10%
Not planning to change 3%

CFOS who reported their company has started or completed the transition also were asked the question below:

How do you anticipate staffing future lease accounting compliance initiatives?

NATIONAL
Combination of internal and external resources 47%
Internal resources only 39%
External resources only 14%

 

BUSINESS SERVICES
Combination of internal and external resources 54%
Internal resources only 39%
External resources only 7%

 

CONSTRUCTION
Combination of internal and external resources 52%
Internal resources only 38%
External resources only 11%

 

FINANCE
Combination of internal and external resources 50%
Internal resources only 38%
External resources only 12%

 

MANUFACTURING
Combination of internal and external resources 56%
Internal resources only 29%
External resources only 15%

 

PROFESSIONAL SERVICES
Combination of internal and external resources 42%
Internal resources only 42%
External resources only 17%

 

RETAIL/WHOLESALE
Combination of internal and external resources 41%
Internal resources only 39%
External resources only 20%

 

TRANSPORTATION/PUBLIC UTILITIES
Combination of internal and external resources 47%
Internal resources only 40%
External resources only 13%

 

OTHER
Combination of internal and external resources 42%
Internal resources only 43%
External resources only 14%

Source: Robert Half and Protiviti survey of more than 500 private company CFOs in the United States; totals may not equal 100 percent due to rounding

*Multiple responses were allowed.

© 2019 Robert Half International Inc. An Equal Opportunity Employer M/F/Disability/Veterans.

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