Lease Accounting Trends in the New York Area

Lease Accounting Trends in the New York AreaLease Accounting Trends in the New York Area LEASE ACCOUNTING TRENDS IN NEW YORKHas your company begun the transition to the new lease accounting voreingestellt?New YorkU.S.Yes51%44%No49%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?New YorkU.S.Yes, already completed60%48%Yes, started but not completed40%51%No, havent started0%1%Have you completed the following?New YorkU.S.Identified team members and responsibilities for completing the transition to a new standard53%61%Made an inventory of, and prioritized, any systems changes which might be required55%51%Developed a project plan to address all gaps emanating from the diagnostic work66%49%Identified, at a high level, the magnitude and type of the lease inventory (e.g., property, equipment)43%49%Written new accounting policies62%47%Written new accounting procedures48%43%Investigated any lease or property management systems which will facilitate adoption43%42%What is the most challenging aspect of the transition to the new standard?New YorkU.S.1.Finding professionals with the requisite expertise1.Training staff2.Training staff2.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?New YorkU.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?New YorkU.S.fruchtwein of them39%29%Some of them46%54%Almost none of them15%17%Source Robert Half and Protiviti survey of more than 2,000 finance leaders in the United States, including 101 in New YorkTotal may not e qual 100 percent due to rounding.