Lease Accounting Trends in Boston

Lease Accounting Trends in BostonLease Accounting Trends in Boston LEASE ACCOUNTING TRENDS IN BOSTONHas your company begun the transition to the new lease accounting standard?BostonU.S.Yes22%44%No78%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?BostonU.S.Yes, already completed39%48%Yes, started but elend completed61%51%No, havent started0%1%Have you completed the following?BostonU.S.Identified team members and responsibilities for completing the transition to a new standard51%61%Made an inventory of, and prioritized, any systems changes which might be required42%51%Developed a project plan to address all gaps emanating from the diagnostic work39%49%Identified, at a high level, the magnitude and schrift of the lease inventory (e.g., property, equipment)25%49%Written new acc ounting policies53%47%Written new accounting procedures60%43%Investigated any lease or property management systems which will facilitate adoption30%42%What is the most challenging aspect of the transition to the new standard?BostonU.S.1. Training staff1. Training staff2. Finding professionals with the requisite expertise2. Diagnosing the needed changes3. Identifying, inventorying and categorizing companys leases3. Finding professionals with the requisite expertiseFor your company, which new accounting standard has been more challenging to adopt?BostonU.S.Revenue recognition39%71%Lease accounting61%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?BostonU.S.Most of them7%29%Some of them68%54%Almost none of them26%17%Source Robert Half and Protiviti survey of more than 2,000 finance leaders in the United States, including 100 in BostonTotal may not equal 100 pe rcent due to rounding.