Lease Accounting Trends in Phoenix

Lease Accounting Trends in Phoenix Lease Accounting Trends in Phoenix LEASE ACCOUNTING TRENDS IN PHOENIX Has your company begun the transition to the new lease accounting standard? Phoenix U.S. Yes 35% 44% No 65% 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? Phoenix U.S. Yes, already completed 20% 48% Yes, started but not completed 65% 51% No, haven’t started 15% 1% Have you completed the following? Phoenix U.S. Identified team members and responsibilities for completing the transition to a new standard 37% 61% Made an inventory of, and prioritized, any systems changes which might be required 33% 51% Developed a project plan to address all gaps emanating from the diagnostic work 33% 49% Identified, at a high level, the magnitude and type of the lease inventory (e.g., property, equipment) 37% 49% Written new accounting policies 20% 47% Written new accounting procedures 20% 43% Investigated any lease or property management systems which will facilitate adoption 38% 42% What is the most challenging aspect of the transition to the new standard? Phoenix U.S. 1. Finding professionals with the requisite experience 1. Training staff 2. Managing change 2. Diagnosing the needed changes 3. Updating technology 3. Finding professionals with the requisite expertise For your company, which new accounting standard has been more challenging to adopt? Phoenix U.S. Revenue recognition 89% 71% Lease accounting 12% 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? Phoenix U.S. Most of them 38% 29% Some of them 52% 54% Almost none of them 10% 17% Source: Robert Half and Protiviti survey of more than 2,000 finance leaders in the United States, including 100 in Phoenix Total may not equal 100 percent due to rounding.