Lease Accounting Trends in Salt Lake City

By Robert Half May 23, 2018 at 5:45am

LEASE ACCOUNTING TRENDS IN SALT LAKE CITY

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

Salt Lake City U.S.
Yes 19% 44%
No 81% 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?

Salt Lake City U.S.
Yes, already completed 39% 48%
Yes, started but not completed 61% 51%
No, haven’t started 0% 1%

Have you completed the following?

Salt Lake City U.S.
Identified team members and responsibilities for completing the transition to a new standard 20% 61%
Made an inventory of, and prioritized, any systems changes which might be required 39% 51%
Developed a project plan to address all gaps emanating from the diagnostic work 38% 49%
Identified, at a high level, the magnitude and type of the lease inventory (e.g., property, equipment) 91% 49%
Written new accounting policies 37% 47%
Written new accounting procedures 85% 43%
Investigated any lease or property management systems which will facilitate adoption 42% 42%

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

Salt Lake City U.S.
1. Managing change 1. Training staff
2. Updating technology 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?

Salt Lake City U.S.
Revenue recognition 29% 71%
Lease accounting 71% 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?

Salt Lake City U.S.
Most of them 11% 29%
Some of them 74% 54%
Almost none of them 15% 17%

Source: Robert Half and Protiviti survey of more than 2,000 finance leaders in the United States, including 54 in Salt Lake City

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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