Lease Accounting Trends in Chicago

By Robert Half on May 23, 2018 at 3:25pm


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

Chicago U.S.
Yes 39% 44%
No 61% 56%

Finance leaders who reported their company has begun the transition also were asked: As part of that transition, have you begun the diagnostic work necessary to determine the level of effort which wil be required for you to be ready to adopt the new standard?

Chicago U.S.
Yes, already completed 58% 48%
Yes, started but not completed 42% 51%
No, haven’t started 1% 1%

Have you completed the following?

Chicago U.S.
Identified team members and responsibilities for completing the transition to a new standard 90% 61%
Made an inventory of, and prioritized, any systems changes which might be required 85% 51%
Developed a project plan to address all gaps emanating from the diagnostic work 61% 49%
Identified, at a high level, the magnitude and type of the lease inventory (e.g., property, equipment) 75% 49%
Written new accounting policies 44% 47%
Written new accounting procedures 54% 43%
Investigated any lease or property management systems which will facilitate adoption 41% 42%

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

Chicago U.S.
1. Diagnosing the needed changes 1. Training staff
2. Identifying, inventorying and categorizing company’s leases 2. Diagnosing the needed changes
3. Training staff 3. Finding professionals with the requisite expertise

For your company, which new accounting standard has been more challenging to adopt?

Chicago U.S.
Revenue recognition 76% 71%
Lease accounting 24% 29%

How much of the processes and learnings from transitioning to the new revenue recognition standard have you been able to apply to adopting the new lease accounting standard?

Chicago U.S.
Most of them 48% 29%
Some of them 45% 54%
Almost none of them 7% 17%

Source: Robert Half and Protiviti survey of more than 2,000 finance leaders in the United States, including 100 in Chicago

Total may not equal 100 percent due to rounding.

© 2018 Robert Half International Inc. An Equal Opportunity Employer M/F/Disability/Veterans.

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