Lease Accounting Trends in Chicago

Lease Accounting Trends in ChicagoLease Accounting Trends in Chicago LEASE ACCOUNTING TRENDS IN CHICAGOHas your company begun the transition to the new lease accounting standard?ChicagoU.S.Yes39%44%No61%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?ChicagoU.S.Yes, already completed58%48%Yes, started but bedrngnis completed42%51%No, havent started1%1%Have you completed the following?ChicagoU.S.Identified team members and responsibilities for completing the transition to a new standard90%61%Made an inventory of, and prioritized, any systems changes which might be required85%51%Developed a project plan to address all gaps emanating from the diagnostic work61%49%Identified, at a high level, the magnitude and font of the lease inventory (e.g., property, equipment)75%49%Written new accounting policies44%47%Written new accounting procedures54%43%Investigated any lease or property management systems which will facilitate adoption41%42%What is the most challenging aspect of the transition to the new standard?ChicagoU.S.1.Diagnosing the needed changes1.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 more challenging to adopt?ChicagoU.S.Revenue recognition76%71%Lease accounting24%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?ChicagoU.S.Most of them48%29%Some of them45%54%Almost none of them7%17%Source Robert Half and Protiviti survey of more than 2,000 finance leaders in the United States, including 100 in ChicagoTotal may not equal 100 percent due to rou nding.