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

 San FranciscoU.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?

 San FranciscoU.S.
Yes, already completed29%48%
Yes, started but not completed71%51%
No, haven’t started0%1%

Have you completed the following?

 San FranciscoU.S.
Identified team members and responsibilities for completing the transition to a new standard71%61%
Made an inventory of, and prioritized, any systems changes which might be required57%51%
Developed a project plan to address all gaps emanating from the diagnostic work36%49%
Identified, at a high level, the magnitude and type of the lease inventory (e.g., property, equipment)56%49%
Written new accounting policies42%47%
Written new accounting procedures42%43%
Investigated any lease or property management systems which will facilitate adoption27%42%

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

San FranciscoU.S.
1. Finding professionals with the requisite expertise1. Training staff
2. Managing change2. Diagnosing the needed changes
3. Diagnosing the needed changes3. Finding professionals with the requisite expertise

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

 San FranciscoU.S.
Revenue recognition82%71%
Lease accounting18%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?

 San FranciscoU.S.
Most of them38%29%
Some of them48%54%
Almost none of them14%17%

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

Total may not equal 100 percent due to rounding.

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