Lease Accounting Trends in Des Moines

By Robert Half May 23, 2018 at 4:42pm

LEASE ACCOUNTING TRENDS IN DES MOINES

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

Des Moines U.S.
Yes 57% 44%
No 43% 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?

Des Moines U.S.
Yes, already completed 37% 48%
Yes, started but not completed 25% 51%
No, haven’t started 38% 1%

Have you completed the following?

Des Moines U.S.
Identified team members and responsibilities for completing the transition to a new standard 47% 61%
Made an inventory of, and prioritized, any systems changes which might be required 11% 51%
Developed a project plan to address all gaps emanating from the diagnostic work 5% 49%
Identified, at a high level, the magnitude and type of the lease inventory (e.g., property, equipment) 5% 49%
Written new accounting policies 43% 47%
Written new accounting procedures 5% 43%
Investigated any lease or property management systems which will facilitate adoption 7% 42%

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

Des Moines U.S.
1. Managing change 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?

Des Moines U.S.
Revenue recognition 85% 71%
Lease accounting 15% 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?

Des Moines U.S.
Most of them 30% 29%
Some of them 46% 54%
Almost none of them 24% 17%

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

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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