Lease Accounting Trends in Philadelphia

By Robert Half May 23, 2018 at 5:27am

LEASE ACCOUNTING TRENDS IN PHILADELPHIA

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

Philadelphia U.S.
Yes 26% 44%
No 75% 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?

Philadelphia U.S.
Yes, already completed 32% 48%
Yes, started but not completed 67% 51%
No, haven’t started 1% 1%

Have you completed the following?

Philadelphia U.S.
Identified team members and responsibilities for completing the transition to a new standard 25% 61%
Made an inventory of, and prioritized, any systems changes which might be required 51% 51%
Developed a project plan to address all gaps emanating from the diagnostic work 54% 49%
Identified, at a high level, the magnitude and type of the lease inventory (e.g., property, equipment) 58% 49%
Written new accounting policies 39% 47%
Written new accounting procedures 20% 43%
Investigated any lease or property management systems which will facilitate adoption 27% 42%

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

Philadelphia U.S.
1. Identifying, inventorying and categorizing company’s leases 1. Training staff
2. Managing change 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?

Philadelphia U.S.
Revenue recognition 79% 71%
Lease accounting 21% 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?

Philadelphia U.S.
Most of them 12% 29%
Some of them 62% 54%
Almost none of them 25% 17%

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

Total may not equal 100 percent due to rounding.

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

More From the Blog...

Availability Status

Let us know you're ready to work with one click.

Update My Status

Set Your Status

Click the blue button on your profile page at least once a week to keep your status set to Available.

Set Your Status

Your status will automatically change to Idle and Unknown over time, so update it weekly while you’re looking for work

Update My Status