Lease Accounting Trends in Minneapolis

Lease Accounting Trends in MinneapolisLease Accounting Trends in Minneapolis LEASE ACCOUNTING TRENDS IN MINNEAPOLISHas your company begun the transition to the new lease accounting standard?MinneapolisU.S.Yes43%44%No57%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?MinneapolisU.S.Yes, already completed63%48%Yes, started but not completed34%51%No, havent started3%1%Have you completed the following?MinneapolisU.S.Identified team members and responsibilities for completing the transition to a new standard83%61%Made an inventory of, and prioritized, any systems changes which might be required63%51%Developed a project plan to address all gaps emanating from the diagnostic work16%49%Identified, at a high level, the magnitude and type of the lease inventory (e.g., property, equipm ent)18%49%Written new accounting policies17%47%Written new accounting procedures13%43%Investigated any lease or property management systems which will facilitate adoption17%42%What is the most challenging aspect of the transition to the new standard?MinneapolisU.S.1.Training staff1.Training staff2.Finding professionals with the requisite expertise2.Diagnosing the needed changes3.Diagnosing the needed changes3.Finding professionals with the requisite expertiseFor your company, which new accounting standard has been more challenging to adopt?MinneapolisU.S.Revenue recognition69%71%Lease accounting31%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?MinneapolisU.S.Most of them16%29%Some of them57%54%Almost none of them27%17%Source Robert Half and Protiviti survey of more than 2,000 finance leaders in the United States, including 100 in MinneapolisTotal may not e qual 100 percent due to rounding.