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

Des MoinesU.S.

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?

Des MoinesU.S.
Yes, already completed37%48%
Yes, started but not completed25%51%
No, haven’t started38%1%

Have you completed the following?

Des MoinesU.S.
Identified team members and responsibilities for completing the transition to a new standard47%61%
Made an inventory of, and prioritized, any systems changes which might be required11%51%
Developed a project plan to address all gaps emanating from the diagnostic work5%49%
Identified, at a high level, the magnitude and type of the lease inventory (e.g., property, equipment)5%49%
Written new accounting policies43%47%
Written new accounting procedures5%43%
Investigated any lease or property management systems which will facilitate adoption7%42%

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

Des MoinesU.S.
1. Managing change1. Training staff
2. Identifying, inventorying and categorizing company’s leases2. Diagnosing the needed changes
3. Training staff3. Finding professionals with the requisite expertise

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

Des MoinesU.S.
Revenue recognition85%71%
Lease accounting15%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?

Des MoinesU.S.
Most of them30%29%
Some of them46%54%
Almost none of them24%17%

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

Total may not equal 100 percent due to rounding.

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