Lease Accounting Trends in Los Angeles

Lease Accounting Trends in dann los AngelesLease Accounting Trends in Los Angeles LEASE ACCOUNTING TRENDS IN LOS ANGELESHas your company begun the transition to the new lease accounting standard?Los AngelesU.S.Yes40%44%No60%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?Los AngelesU.S.Yes, already completed63%48%Yes, started but not completed37%51%No, havent started0%1%Have you completed the following?Los AngelesU.S.Identified kollektiv members and responsibilities for completing the transition to a new standard69%61%Made an inventory of, and prioritized, any systems changes which might be required50%51%Developed a project plan to address all gaps emanating from the diagnostic work64%49%Identified, at a high level, the magnitude and type of the lease inventory (e.g., prope rty, equipment)55%49%Written new accounting policies36%47%Written new accounting procedures40%43%Investigated any lease or property management systems which will facilitate adoption47%42%What is the most challenging aspect of the transition to the new standard?Los AngelesU.S.1.Identifying, inventorying and categorizing companys leases1.Training staff2.Updating technology2.Diagnosing the needed changes3.Diagnosing the needed changes3.Finding professionals with the requisite expertiseFor your company, which new accounting standard has been more challenging to adopt?Los AngelesU.S.Revenue recognition69%71%Lease accounting31%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?Los AngelesU.S.Most of them29%29%Some of them38%54%Almost none of them33%17%Source Robert Half and Protiviti survey of more than 2,000 finance leaders in the United States, including 100 in Lo s AngelesTotal may not equal 100 percent due to rounding.