Lease Accounting Trends in Denver

Lease Accounting Trends in DenverLease Accounting Trends in Denver LEASE ACCOUNTING TRENDS IN DENVERHas your company begun the transition to the new lease accounting standard?DenverU.S.Yes34%44%No66%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?DenverU.S.Yes, already completed84%48%Yes, started but not completed16%51%No, havent started0%1%Have you completed the following?DenverU.S.Identified kollektiv members and responsibilities for completing the transition to a new standard62%61%Made an inventory of, and prioritized, any systems changes which might be required82%51%Developed a project plan to address all gaps emanating from the diagnostic work58%49%Identified, at a high level, the magnitude and type of the lease inventory (e.g., property, equipment)77%49%Written new acc ounting policies17%47%Written new accounting procedures55%43%Investigated any lease or property management systems which will facilitate adoption81%42%What is the most challenging aspect of the transition to the new standard?DenverU.S.1.Updating technology1.Training staff2.Identifying, inventorying and categorizing companys leases2.Diagnosing the needed changes3.Training staff3.Finding professionals with the requisite expertiseFor your company, which new accounting standard has been more challenging to adopt?DenverU.S.Revenue recognition83%71%Lease accounting18%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?DenverU.S.Most of them33%29%Some of them51%54%Almost none of them16%17%Source Robert Half and Protiviti survey of more than 2,000 finance leaders in the United States, including 100 in DenverTotal may not equal 100 percent due to rounding.