Lease Accounting Trends in Washington, D.C.

Lease Accounting Trends in Washington, D.C.Lease Accounting Trends in Washington, D.C. LEASE ACCOUNTING TRENDS IN WASHINGTON, D.C.Has your company begun the transition to the new lease accounting standard?Washington, D.C.U.S.Yes61%44%No39%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?Washington, D.C.U.S.Yes, already completed38%48%Yes, started but not completed62%51%No, havent started0%1%Have you completed the following?Washington, D.C.U.S.Identified kollektiv members and responsibilities for completing the transition to a new standard44%61%Made an inventory of, and prioritized, any systems changes which might be required54%51%Developed a project plan to address all gaps emanating from the diagnostic work41%49%Identified, at a high level, the magnitude and type of the leas e inventory (e.g., property, equipment)42%49%Written new accounting policies44%47%Written new accounting procedures51%43%Investigated any lease or property management systems which will facilitate adoption38%42%What is the most challenging aspect of the transition to the new standard?Washington, D.C.U.S.1.Updating technology1.Training staff2.Diagnosing the needed changes2.Diagnosing the needed changes3.Training staff3.Finding professionals with the requisite expertiseFor your company, which new accounting standard has been more challenging to adopt?Washington, D.C.U.S.Revenue recognition82%71%Lease accounting18%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?Washington, D.C.U.S.Most of them27%29%Some of them62%54%Almost none of them12%17%Source Robert Half and Protiviti survey of more than 2,000 finance leaders in the United States, including 100 in Washing ton, D.C.Total may not equal 100 percent due to rounding.