Has Your Company Begun the Trasition to the New Lease Accounting Standard?

By Robert Half March 22, 2017 at 8:12am

Has Your Company Begun the Trasition to the New Lease Accounting Standard? (2017)

NATIONAL 20-49 employees 50-99 employees 100-249 employees 250-499 employees 500-999 employees 1,000+ employees
Yes 37% 36% 40% 41% 40% 48% 8%
No 56% 58% 50% 52% 54% 50% 78%
Don't know/no answer 6% 5% 10% 7% 5% 2% 14%

CFOs who reported their company has begun the transition to the new lease accounting standard also were asked the questions below:

As a part of that transition, have you begun the daignostic work necessary to determine the level of effort which will be required for you to be ready to adopt the new standard?

NATIONAL 20-49 employees 50-99 employees 100-249 employees 250-499 employees 500-999 employees 1,000+ employees
Yes, already completed 8% 3% 22% 13% 13% 0% 0%
Yes, started but not completed 76% 80% 68% 71% 61% 79% 80%
No, haven't started 13% 14% 5% 17% 26% 21% 20%
Don't know/no answer 3% 3% 5% 0% 0% 0% 0%

Have you ...?

NATIONAL 20-49 employees 50-99 employees 100-249 employees 250-499 employees 500-999 employees 1,000+ employees
Identified team members and responsibiities for completing the transition to the new standard 86% 94% 76% 67% 78% 51% 100%
Made an inventory of, and prioritized, any systems changes which might be required 82% 91% 65% 66% 84% 75% 60%
Begun or completed new written accounting policies 78% 79% 75% 81% 80% 63% 100%
Begun or completed new written accounting policies 73% 66% 84% 88% 96% 76% 60%
Developed a project plan to address all gaps emanating from daignostic work 66% 67% 68% 63% 48% 71% 40%
Investigated any lease or property management sytems which will facilitate adoption 55% 54% 55% 52% 72% 84% 100%

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

NATIONAL 20-49 employees 50-99 employees 100-249 employees 250-499 employees 500-999 employees 1,000+ employees
Training staff Training staff Training staff Diagnosing the needed changes Diagnosing the needed changes Training staff Updating technology (tie)
Diagnosing the needed changes Diagnosing the needed changes Diagnosing the needed changes Updating technology Updating technology Diagnosing the needed changes Diagnosing the needed changes (tie)
Updating technology Updating technology Updating technology Finding professionals with the requisite skills Training staff Managing change Training staff

Source: Robert Half Management Resources survey of more than 270 Canadian CFOs; totals may not equal 100 pr cent due to rounding

© 2017 Robert Half Management Resources

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