Lease Accounting Trends in Minneapolis

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By Robert Half May 23, 2018 at 5:18am

LEASE ACCOUNTING TRENDS IN MINNEAPOLIS

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

Minneapolis U.S.
Yes 43% 44%
No 57% 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?

Minneapolis U.S.
Yes, already completed 63% 48%
Yes, started but not completed 34% 51%
No, haven’t started 3% 1%

Have you completed the following?

Minneapolis U.S.
Identified team members and responsibilities for completing the transition to a new standard 83% 61%
Made an inventory of, and prioritized, any systems changes which might be required 63% 51%
Developed a project plan to address all gaps emanating from the diagnostic work 16% 49%
Identified, at a high level, the magnitude and type of the lease inventory (e.g., property, equipment) 18% 49%
Written new accounting policies 17% 47%
Written new accounting procedures 13% 43%
Investigated any lease or property management systems which will facilitate adoption 17% 42%

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

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

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

Minneapolis U.S.
Revenue recognition 69% 71%
Lease accounting 31% 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?

Minneapolis U.S.
Most of them 16% 29%
Some of them 57% 54%
Almost none of them 27% 17%

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

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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