Lease Accounting Trends in Boston

Lease Accounting Trends in Boston Lease Accounting Trends in Boston LEASE ACCOUNTING TRENDS IN BOSTON Has your company begun the transition to the new lease accounting standard?   Boston U.S. Yes 22% 44% No 78% 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?   Boston U.S. Yes, already completed 39% 48% Yes, started but not completed 61% 51% No, haven’t started 0% 1% Have you completed the following?   Boston U.S. Identified team members and responsibilities for completing the transition to a new standard 51% 61% Made an inventory of, and prioritized, any systems changes which might be required 42% 51% Developed a project plan to address all gaps emanating from the diagnostic work 39% 49% Identified, at a high level, the magnitude and type of the lease inventory (e.g., property, equipment) 25% 49% Written new accounting policies 53% 47% Written new accounting procedures 60% 43% Investigated any lease or property management systems which will facilitate adoption 30% 42% What is the most challenging aspect of the transition to the new standard? Boston U.S. 1. Training staff 1. Training staff 2. Finding professionals with the requisite expertise 2. Diagnosing the needed changes 3. Identifying, inventorying and categorizing company's leases 3. Finding professionals with the requisite expertise For your company, which new accounting standard has been more challenging to adopt?   Boston U.S. Revenue recognition 39% 71% Lease accounting 61% 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?   Boston U.S. Most of them 7% 29% Some of them 68% 54% Almost none of them 26% 17% Source: Robert Half and Protiviti survey of more than 2,000 finance leaders in the United States, including 100 in Boston Total may not equal 100 percent due to rounding.