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

St. LouisU.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?

St. LouisU.S.
Yes, already completed76%48%
Yes, started but not completed24%51%
No, haven’t started0%1%

Have you completed the following?

St. LouisU.S.
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 required77%51%
Developed a project plan to address all gaps emanating from the diagnostic work79%49%
Identified, at a high level, the magnitude and type of the lease inventory (e.g., property, equipment)85%49%
Written new accounting policies50%47%
Written new accounting procedures13%43%
Investigated any lease or property management systems which will facilitate adoption70%42%

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

St. LouisU.S.
1. Diagnosing the needed changes1. Training staff
2. Managing change2. Diagnosing the needed changes
3. Updating technology3. Finding professionals with the requisite expertise

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

St. LouisU.S.
Revenue recognition59%71%
Lease accounting41%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?

St. LouisU.S.
Most of them45%29%
Some of them49%54%
Almost none of them6%17%

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

Total may not equal 100 percent due to rounding.

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