Lease Accounting Trends in the New York Area

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

LEASE ACCOUNTING TRENDS IN NEW YORK

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

New York U.S.
Yes 51% 44%
No 49% 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?

New York U.S.
Yes, already completed 60% 48%
Yes, started but not completed 40% 51%
No, haven’t started 0% 1%

Have you completed the following?

New York U.S.
Identified team members and responsibilities for completing the transition to a new standard 53% 61%
Made an inventory of, and prioritized, any systems changes which might be required 55% 51%
Developed a project plan to address all gaps emanating from the diagnostic work 66% 49%
Identified, at a high level, the magnitude and type of the lease inventory (e.g., property, equipment) 43% 49%
Written new accounting policies 62% 47%
Written new accounting procedures 48% 43%
Investigated any lease or property management systems which will facilitate adoption 43% 42%

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

New York U.S.
1. Finding professionals with the requisite expertise 1. Training staff
2. Training staff 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?

New York U.S.
Revenue recognition 76% 71%
Lease accounting 24% 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?

New York U.S.
Most of them 39% 29%
Some of them 46% 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 101 in New York

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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