Lease Accounting Trends in Seattle

Lease Accounting Trends in SeattleLease Accounting Trends in Seattle LEASE ACCOUNTING TRENDS IN SEATTLEHas your company begun the transition to the new lease accounting standard?SeattleU.S.Yes38%44%No62%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?SeattleU.S.Yes, already completed42%48%Yes, started but not completed58%51%No, havent started0%1%Have you completed the following?SeattleU.S.Identified kollektiv members and responsibilities for completing the transition to a new standard40%61%Made an inventory of, and prioritized, any systems changes which might be required34%51%Developed a project plan to address all gaps emanating from the diagnostic work25%49%Identified, at a high level, the magnitude and type of the lease inventory (e.g., property, equipment)40%49%Written n ew accounting policies45%47%Written new accounting procedures44%43%Investigated any lease or property management systems which will facilitate adoption22%42%What is the most challenging aspect of the transition to the new standard?SeattleU.S.1.Training staff1.Training staff2.Managing change2.Diagnosing the needed changes3.Finding professionals with the requisite expertise3.Finding professionals with the requisite expertiseFor your company, which new accounting standard has been more challenging to adopt?SeattleU.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?Seattle/thU.S.fruchtwein of them27%29%Some of them68%54%Almost none of them5%17%Source Robert Half and Protiviti survey of more than 2,000 finance leaders in the United States, including 100 in SeattleTotal may not equal 100 percent due to rounding.