Lease Accounting Trends in Miami

Lease Accounting Trends in MiamiLease Accounting Trends in Miami LEASE ACCOUNTING TRENDS IN MIAMIHas your company begun the transition to the new lease accounting standard?MiamiU.S.Yes45%44%No55%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?MiamiU.S.Yes, already completed73%48%Yes, started but not completed27%51%No, havent started0%1%Have you completed the following?MiamiU.S.Identified gruppe members and responsibilities for completing the transition to a new standard77%61%Made an inventory of, and prioritized, any systems changes which might be required71%51%Developed a project plan to address all gaps emanating from the diagnostic work84%49%Identified, at a high level, the magnitude and type of the lease inventory (e.g., property, equipment)72%49%Written new accounting p olicies74%47%Written new accounting procedures72%43%Investigated any lease or property management systems which will facilitate adoption63%42%What is the most challenging aspect of the transition to the new standard?MiamiU.S.1. Diagnosing the needed changes1. Training staff2. Training staff2. Diagnosing the needed changes3. Updating technology3. Finding professionals with the requisite expertiseFor your company, which new accounting standard has been more challenging to adopt?MiamiU.S.Revenue recognition64%71%Lease accounting36%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?MiamiU.S.Most of them33%29%Some of them66%54%Almost none of them1%17%Source Robert Half and Protiviti survey of more than 2,000 finance leaders in the United States, including 100 in MiamiTotal may not equal 100 percent due to rounding.