Lease Accounting Trends in Houston

Lease Accounting Trends in HoustonLease Accounting Trends in Houston LEASE ACCOUNTING TRENDS IN HOUSTONHas your company begun the transition to the new lease accounting standard?HoustonU.S.Yes33%44%No67%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?HoustonU.S.Yes, already completed46%48%Yes, started but not completed53%51%No, havent started1%1%Have you completed the following?HoustonU.S.Identified team members and responsibilities for completing the transition to a new standard61%61%Made an inventory of, and prioritized, any systems changes which might be required60%51%Developed a project plan to address all gaps emanating from the diagnostic work73%49%Identified, at a high level, the magnitude and type of the lease inventory (e.g., property, equipment)64%49%Written new ac counting policies56%47%Written new accounting procedures42%43%Investigated any lease or property management systems which will facilitate adoption57%42%What is the most challenging aspect of the transition to the new standard?HoustonU.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?HoustonU.S.Revenue recognition50%71%Lease accounting50%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?HoustonU.S.Most of them26%29%Some of them39%54%Almost none of them34%17%Source Robert Half and Protiviti survey of more than 2,000 finance leaders in the United States, including 100 in HoustonTotal may not equal 100 percent due to rounding.