Lease Accounting Trends in Cleveland

By Robert Half May 23, 2018 at 3:37pm

Lease Accounting Trends in Cleveland

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

Cleveland U.S.
Yes 72% 44%
No 28% 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?

Cleveland U.S.
Yes, already completed 25% 48%
Yes, started but not completed 73% 51%
No, haven’t started 2% 1%

Have you completed the following?

Cleveland U.S.
Identified team members and responsibilities for completing the transition to a new standard 49% 61%
Made an inventory of, and prioritized, any systems changes which might be required 49% 51%
Developed a project plan to address all gaps emanating from the diagnostic work 24% 49%
Identified, at a high level, the magnitude and type of the lease inventory (e.g., property, equipment) 54% 49%
Written new accounting policies 71% 47%
Written new accounting procedures 75% 43%
Investigated any lease or property management systems which will facilitate adoption 45% 42%

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

Cleveland U.S.
1. Finding professionals with the requisite expertise 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?

Cleveland U.S.
Revenue recognition 81% 71%
Lease accounting 19% 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?

Cleveland U.S.
Most of them 9% 29%
Some of them 77% 54%
Almost none of them 13% 17%

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

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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