Lease Accounting Trends in San Diego

By Robert Half on May 23, 2018 at 5:51am


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

San Diego U.S.
Yes 62% 44%
No 38% 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?

San Diego U.S.
Yes, already completed 28% 48%
Yes, started but not completed 72% 51%
No, haven’t started 0% 1%

Have you completed the following?

San Diego U.S.
Identified team members and responsibilities for completing the transition to a new standard 70% 61%
Made an inventory of, and prioritized, any systems changes which might be required 29% 51%
Developed a project plan to address all gaps emanating from the diagnostic work 25% 49%
Identified, at a high level, the magnitude and type of the lease inventory (e.g., property, equipment) 67% 49%
Written new accounting policies 27% 47%
Written new accounting procedures 25% 43%
Investigated any lease or property management systems which will facilitate adoption 25% 42%

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

San Diego U.S.
1. Updating technology 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?

San Diego 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?

San Diego U.S.
Most of them 36% 29%
Some of them 61% 54%
Almost none of them 4% 17%

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

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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