Lease Accounting Trends in Salt Lake City

Lease Accounting Trends in Salt Lake CityLease Accounting Trends in Salt Lake City LEASE ACCOUNTING TRENDS IN SALT LAKE CITYHas your company begun the transition to the new lease accounting standard?Salt Lake CityU.S.Yes19%44%No81%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?Salt Lake CityU.S.Yes, already completed39%48%Yes, started but not completed61%51%No, havent started0%1%Have you completed the following?Salt Lake CityU.S.Identified team members and responsibilities for completing the transition to a new standard20%61%Made an inventory of, and prioritized, any systems changes which might be required39%51%Developed a project plan to address all gaps emanating from the diagnostic work38%49%Identified, at a high level, the magnitude and type of the lease inventory (e.g. , property, equipment)91%49%Written new accounting policies37%47%Written new accounting procedures85%43%Investigated any lease or property management systems which will facilitate annahme an kindes statt42%42%What is the most challenging aspect of the transition to the new standard?Salt Lake CityU.S.1.Managing change1.Training staff2.Updating technology2.Diagnosing the needed changes3.Training staff3.Finding professionals with the requisite expertiseFor your company, which new accounting standard has been more challenging to adopt?Salt Lake CityU.S.Revenue recognition29%71%Lease accounting71%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?Salt Lake CityU.S.Most of them11%29%Some of them74%54%Almost none of them15%17%Source Robert Half and Protiviti survey of more than 2,000 finance leaders in the United States, including 54 in Salt Lake CityTotal may not eq ual 100 percent due to rounding.