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

Salt Lake City<U.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?

Salt Lake City<U.S.
Yes, already completed39%48%
Yes, started but not completed61%51%
No, haven’t started0%1%

Have you completed the following?

Salt Lake CityU.S.
Identified team members and responsibilities for completing the transition to a new standard20%61%
Made an inventory of, and prioritized, any systems changes which might be required39%51%
Developed a project plan to address all gaps emanating from the diagnostic work38%49%
Identified, at a high level, the magnitude and type of the lease inventory (e.g., property, equipment)91%49%
Written new accounting policies37%47%
Written new accounting procedures85%43%
Investigated any lease or property management systems which will facilitate adoption42%42%

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

Salt Lake City<U.S.
1. Managing change1. Training staff
2. Updating technology2. 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?

Salt Lake City<U.S.
Revenue recognition29%71%
Lease accounting71%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?

Salt Lake City<U.S.
Most of them11%29%
Some of them74%54%
Almost none of them15%17%

Source: Robert Half and Protiviti survey of more than 2,000 finance leaders in the United States, including 54 in Salt Lake City<

Total may not equal 100 percent due to rounding.

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