Your Company and the New Lease Accounting Standard: Data Tables by Company Size

By Robert Half May 23, 2018 at 6:19am

LEASE ACCOUNTING STANDARD ADOPTION, BY COMPANY SIZE

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

Yes No
National 44% 56%
20-49 employees 37% 63%
50-99 employees 49% 51%
100-249 employees 58% 42%
250-499 employees 70% 30%
500-999 employees 76% 24%
1,000+ employees 69% 31%

Finance leaders who reported their company has begun the transition also were asked the questions below:

As part of that transition, have you begun the diagnostic work necessary to determine the level of effort which will be required for you to be ready to adopt the new standard?

Yes, already completed Yes, started but not completed No, haven't started
National 48% 51% 1%
20-49 employees 51% 48% 2%
50-99 employees 47% 53% 0%
100-249 employees 38% 61% 0%
250-499 employees 41% 59% 0%
500-999 employees 56% 44% 0%
1,000+ employees 58% 39% 3%

Have you completed the following?

Identified team members and responsibilities for completing the transition to new standard:

National 61%
20-49 employees 68%
50-99 employees 49%
100-249 employees 56%
250-499 employees 54%
500-999 employees 57%
1,000+ employees 59%

Made an inventory of, and prioritized, any systems changes which might be required:

National 51%
20-49 employees 54%
50-99 employees 33%
100-249 employees 65%
250-499 employees 55%
500-999 employees 54%
1,000+ employees 64%

Developed a project plan to address all gaps emanating from the diagnostic work:

National 49%
20-49 employees 50%
50-99 employees 47%
100-249 employees 49%
250-499 employees 47%
500-999 employees 57%
1,000+ employees 57%

Identified, at a high level, the magnitude and type of the lease inventory (e.g., property, equipment):

National 49%
20-49 employees 51%
50-99 employees 46%
100-249 employees 46%
250-499 employees 50%
500-999 employees 49%
1,000+ employees 54%

Written new accounting policies:

National 47%
20-49 employees 45%
50-99 employees 40%
100-249 employees 54%
250-499 employees 60%
500-999 employees 49%
1,000+ employees 48%

Written new accounting procedures:

National 43%
20-49 employees 39%
50-99 employees 40%
100-249 employees 45%
250-499 employees 65%
500-999 employees 65%
1,000+ employees 54%

Investigated any lease or property management systems which will facilitate adoption:

National 42%
20-49 employees 42%
50-99 employees 38%
100-249 employees 40%
250-499 employees 41%
500-999 employees 51%
1,000+ employees 59%

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

National

1. Training staff
2. Diagnosing the needed changes
3. Finding professionals with the requisite experience

20-49 employees

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

50-99 employees

1. Managing change
2. Training staff
3. Identifying, inventorying and categorizing company’s leases

100-249 employees

1. Finding professionals with the requisite expertise
2. Training staff
3. Managing change

250-499 employees

1. Training staff
2. Updating technology
3. Diagnosing the needed changes

500-999 employees

1. Training staff
2. Diagnosing the needed changes
3. Updating technology

1,000+ employees

1. Finding professionals with the requisite expertise
2. Identifying, inventorying and categorizing company’s leases
3. Updating technology

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

Revenue recognition Lease accounting
National 71% 29%
20-49 employees 68% 32%
50-99 employees 79% 21%
100-249 employees 75% 25%
250-499 employees 78% 22%
500-999 employees 72% 28%
1,000+ employees 76% 25%

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?

Most of them Some of them Almost none of them
National 29% 54% 17%
20-49 employees 27% 50% 23%
50-99 employees 31% 61% 8%
100-249 employees 27% 61% 12%
250-499 employees 37% 55% 8%
500-999 employees 43% 56% 2%
1,000+ employees 40% 52% 8%

Source: Robert Half and Protiviti survey of more than 2,000 U.S. finance leaders; totals 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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