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


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?

Yes, already completed17%48%
Yes, started but not completed83%51%
No, haven’t started0%1%

Have you completed the following?

Identified team members and responsibilities for completing the transition to a new standard83%61%
Made an inventory of, and prioritized, any systems changes which might be required20%51%
Developed a project plan to address all gaps emanating from the diagnostic work27%49%
Identified, at a high level, the magnitude and type of the lease inventory (e.g., property, equipment)20%49%
Written new accounting policies20%47%
Written new accounting procedures18%43%
Investigated any lease or property management systems which will facilitate adoption25%42%

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

1. Diagnosing the needed changes1. Training staff
2. Finding professionals with the requisite expertise / Managing change (tie)2. Diagnosing the needed changes
3. Identifying, inventorying and categorizing company’s leases3. Finding professionals with the requisite expertise

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

Revenue recognition90%71%
Lease accounting10%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?

Most of them10%29%
Some of them67%54%
Almost none of them23%17%

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

Total may not equal 100 percent due to rounding.

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