Lease Accounting Trends in Miami

By Robert Half May 23, 2018 at 5:11pm

LEASE ACCOUNTING TRENDS IN MIAMI

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

  Miami U.S.
Yes 45% 44%
No 55% 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?

  Miami U.S.
Yes, already completed 73% 48%
Yes, started but not completed 27% 51%
No, haven’t started 0% 1%

Have you completed the following?

  Miami U.S.
Identified team members and responsibilities for completing the transition to a new standard 77% 61%
Made an inventory of, and prioritized, any systems changes which might be required 71% 51%
Developed a project plan to address all gaps emanating from the diagnostic work 84% 49%
Identified, at a high level, the magnitude and type of the lease inventory (e.g., property, equipment) 72% 49%
Written new accounting policies 74% 47%
Written new accounting procedures 72% 43%
Investigated any lease or property management systems which will facilitate adoption 63% 42%

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

Miami U.S.
1. Diagnosing the needed changes 1. Training staff
2. Training staff 2. Diagnosing the needed changes
3. Updating technology 3. Finding professionals with the requisite expertise

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

  Miami U.S.
Revenue recognition 64% 71%
Lease accounting 36% 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?

  Miami U.S.
Most of them 33% 29%
Some of them 66% 54%
Almost none of them 1% 17%

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

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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