Lease Accounting Trends in Dallas

Lease Accounting Trends in Dallas Lease Accounting Trends in Dallas LEASE ACCOUNTING TRENDS IN DALLAS Has your company begun the transition to the new lease accounting standard? Dallas U.S. Yes 55% 44% No 45% 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? Dallas U.S. Yes, already completed 35% 48% Yes, started but not completed 65% 51% No, haven’t started 0% 1% Have you completed the following? Dallas U.S. Identified team members and responsibilities for completing the transition to a new standard 46% 61% Made an inventory of, and prioritized, any systems changes which might be required 27% 51% Developed a project plan to address all gaps emanating from the diagnostic work 37% 49% Identified, at a high level, the magnitude and type of the lease inventory (e.g., property, equipment) 47% 49% Written new accounting policies 39% 47% Written new accounting procedures 51% 43% Investigated any lease or property management systems which will facilitate adoption 48% 42% What is the most challenging aspect of the transition to the new standard? Dallas U.S. 1. Training staff 1. Training staff 2. Identifying, inventorying and categorizing company's leases 2. Diagnosing the needed changes 3. Updating technology 3. Finding professionals with the requisite expertise For your company, which new accounting standard has been more challenging to adopt? Dallas U.S. Revenue recognition 67% 71% Lease accounting 33% 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? Dallas U.S. Most of them 31% 29% Some of them 66% 54% Almost none of them 3% 17% Source: Robert Half and Protiviti survey of more than 2,000 finance leaders in the United States, including 100 in Dallas Total may not equal 100 percent due to rounding.