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

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
By Robert Half May 23, 2018 at 8:41am

LEASE ACCOUNTING STANDARD ADOPTION, BY INDUSTRY

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

Yes No
National 44% 56%
Business Services 71% 29%
Construction 25% 75%
Finance 56% 44%
Manufacturing 45% 55%
Professional Services 48% 52%
Retail/Wholesale 31% 70%
Transportation/
Public Utilities
61% 39%
Other 32% 68%

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%
Business Services 33% 67% 0%
Construction 49% 51% 0%
Finance 35% 65% 0%
Manufacturing 47% 49% 4%
Professional Services 58% 41% 1%
Retail/Wholesale 49% 50% 1%
Transportation/Public Utilities 64% 36% 0%
Other 41% 54% 5%

Have you completed the following?

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

National 61%
Business Services 65%
Construction 77%
Finance 56%
Manufacturing 57%
Professional Services 63%
Retail/Wholesale 59%
Transportation/Public Utilities 55%
Other 42%

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

National 51%
Business Services 42%
Construction 65%
Finance 47%
Manufacturing 52%
Professional Services 50%
Retail/Wholesale 62%
Transportation/Public Utilities 57%
Other 39%

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

National 49%
Business Services 38%
Construction 50%
Finance 44%
Manufacturing 51%
Professional Services 63%
Retail/Wholesale 40%
Transportation/Public Utilities 57%
Other 43%

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

National 49%
Business Services 41%
Construction 66%
Finance 50%
Manufacturing 52%
Professional Services 48%
Retail/Wholesale 46%
Transportation/Public Utilities 71%
Other 42%

Written new accounting policies:

National 47%
Business Services 55%
Construction 51%
Finance 46%
Manufacturing 43%
Professional Services 41%
Retail/Wholesale 48%
Transportation/Public Utilities 57%
Other 34%

Written new accounting procedures:

National 43%
Business Services 39%
Construction 36%
Finance 45%
Manufacturing 38%
Professional Services 44%
Retail/Wholesale 52%
Transportation/Public Utilities 58%
Other 27%

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

National 42%
Business Services 28%
Construction 50%
Finance 41%
Manufacturing 55%
Professional Services 34%
Retail/Wholesale 48%
Transportation/Public Utilities 71%
Other 44%

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

Business Services

1. Diagnosing the needed changes
2. Training staff
3. Identifying, inventorying and categorizing company’s leases

Construction

1. Finding professionals with the requisite expertise
2. Diagnosing the needed changes
3. Identifying, inventorying and categorizing company’s leases

Finance

1. Training staff
2. Identifying, inventorying and categorizing company’s leases
3. Updating technology

Manufacturing

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

Professional Services

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

Retail/Wholesale

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

Transportation/Public Utilities

1. Identifying, inventorying and categorizing company’s leases
2. Managing change
3. Updating technology

Other

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

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

Revenue recognition Lease accounting
National 71% 29%
Business Services 69% 31%
Construction 71% 30%
Finance 72% 28%
Manufacturing 75% 25%
Professional Services 78% 22%
Retail/Wholesale 69% 31%
Transportation/
Public Utilities
50% 50%
Other 60% 40%

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%
Business Services 29% 68% 3%
Construction 17% 61% 22%
Finance 26% 62% 12%
Manufacturing 46% 46% 8%
Professional Services 32% 56% 12%
Retail/Wholesale 21% 45% 34%
Transportation/Public Utilities 31% 61% 9%
Other 30% 47% 23%

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.

More From the Blog...