Lease Accounting Trends in Cleveland

Lease Accounting Trends in ClevelandLease Accounting Trends in Cleveland Lease Accounting Trends in ClevelandHas your company begun the transition to the new lease accounting standard?ClevelandU.S.Yes72%44%No28%56%Finance leaders who reported their company has begun the transition also were asked As parte 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?ClevelandU.S.Yes, already completed25%48%Yes, started but not completed73%51%No, havent started2%1%Have you completed the following?ClevelandU.S.Identified team members and responsibilities for completing the transition to a new standard49%61%Made an inventory of, and prioritized, any systems changes which might be required49%51%Developed a project plan to address all gaps emanating from the diagnostic work24%49%Identified, at a high level, the magnitude and type of the lease inventory (e.g., property, equipment)54%49%W ritten new accounting policies71%47%Written new accounting procedures75%43%Investigated any lease or property management systems which will facilitate adoption45%42%What is the most challenging aspect of the transition to the new standard?ClevelandU.S.1.Finding professionals with the requisite expertise1.Training staff2.Identifying, inventorying and categorizing companys leases2.Diagnosing the needed changes3.Training staff3.Finding professionals with the requisite expertiseFor your company, which new accounting standard has been mora challenging to adopt?ClevelandU.S.Revenue recognition81%71%Lease accounting19%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?ClevelandU.S.Most of them9%29%Some of them77%54%Almost none of them13%17%Source Robert Half and Protiviti survey of more than 2,000 finance leaders in the United States, including 100 in ClevelandTotal may not equal 100 percent due to rounding.