Lease Accounting Trends in Atlanta

LEASE ACCOUNTING TRENDS IN ATLANTA

Has your company begun the transition to the new lease accounting standard?

	Atlanta	U.S.
Yes	81%	44%
No	19%	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?

	Atlanta	U.S.
Yes, already completed	47%	48%
Yes, started but not completed	52%	51%
No, haven’t started	1%	1%

Have you completed the following?

	Atlanta	U.S.
Identified team members and responsibilities for completing the transition to a new standard	71%	61%
Made an inventory of, and prioritized, any systems changes which might be required	46%	51%
Developed a project plan to address all gaps emanating from the diagnostic work	47%	49%
Identified, at a high level, the magnitude and type of the lease inventory (e.g., property, equipment)	38%	49%
Written new accounting policies	60%	47%
Written new accounting procedures	37%	43%
Investigated any lease or property management systems which will facilitate adoption	46%	42%

What is the most challenging aspect of the transition to the new standard?

Atlanta	U.S.
1. Training staff	1. Training staff
2. Diagnosing the needed changes	2. Diagnosing the needed changes
3. Managing change	3. Finding professionals with the requisite expertise

For your company, which new accounting standard has been more challenging to adopt?

	Atlanta	U.S.
Revenue recognition	48%	71%
Lease accounting	52%	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?

	Atlanta	U.S.
Most of them	41%	29%
Some of them	57%	54%
Almost none of them	3%	17%

Source: Robert Half and Protiviti survey of more than 2,000 finance leaders in the United States, including 100 in Atlanta

Total may not equal 100 percent due to rounding.