Lease Accounting Trends in Seattle

LEASE ACCOUNTING TRENDS IN SEATTLE

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

	Seattle	U.S.
Yes	38%	44%
No	62%	56%

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?

	Seattle	U.S.
Yes, already completed	42%	48%
Yes, started but not completed	58%	51%
No, haven’t started	0%	1%

Have you completed the following?

	Seattle	U.S.
Identified team members and responsibilities for completing the transition to a new standard	40%	61%
Made an inventory of, and prioritized, any systems changes which might be required	34%	51%
Developed a project plan to address all gaps emanating from the diagnostic work	25%	49%
Identified, at a high level, the magnitude and type of the lease inventory (e.g., property, equipment)	40%	49%
Written new accounting policies	45%	47%
Written new accounting procedures	44%	43%
Investigated any lease or property management systems which will facilitate adoption	22%	42%

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

Seattle	U.S.
1. Training staff	1. Training staff
2. Managing change	2. Diagnosing the needed changes
3. Finding professionals with the requisite expertise	3. Finding professionals with the requisite expertise

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

	Seattle	U.S.
Revenue recognition	82%	71%
Lease accounting	18%	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?

	Seattle/th>	U.S.
Most of them	27%	29%
Some of them	68%	54%
Almost none of them	5%	17%

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

Total may not equal 100 percent due to rounding.