Lease Accounting Trends in Philadelphia

Lease Accounting Trends in PhiladelphiaLease Accounting Trends in PhiladelphiaLEASE ACCOUNTING TRENDS IN PHILADELPHIAHas your company begun the transition to the new lease accounting standard?PhiladelphiaU.S.Yes26%44%No75%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?PhiladelphiaU.S.Yes, already completed32%48%Yes, started but notlage completed67%51%No, havent started1%1%Have you completed the following?PhiladelphiaU.S.Identified team members and responsibilities for completing the transition to a new standard25%61%Made an inventory of, and prioritized, any systems changes which might be required51%51%Developed a project plan to address all gaps emanating from the diagnostic work54%49%Identified, at a high level, the magnitude and type of the lease inventory (e.g., propert y, equipment)58%49%Written new accounting policies39%47%Written new accounting procedures20%43%Investigated any lease or property management systems which will facilitate adoption27%42%What is the most challenging aspect of the transition to the new standard?PhiladelphiaU.S.1.Identifying, inventorying and categorizing companys leases1.Training staff2.Managing change2.Diagnosing the needed changes3.Training staff3.Finding professionals with the requisite expertiseFor your company, which new accounting standard has been more challenging to adopt?PhiladelphiaU.S.Revenue recognition79%71%Lease accounting21%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?PhiladelphiaU.S.fruchtwein of them12%29%Some of them62%54%Almost none of them25%17%Source Robert Half and Protiviti survey of more than 2,000 finance leaders in the United States, including 100 in PhiladelphiaTo tal may not equal 100 percent due to rounding.