
LEASE ACCOUNTING STANDARD ADOPTION AT PRIVATE COMPANIES, BY COMPANY SIZE
Has your company begun the transition to the new lease accounting standard?
Yes, completed | Yes, started but not completed | No | |||
---|---|---|---|---|---|
NATIONAL | 47% | 36% | 17% | ||
20-49 employees | 38% | 33% | 29% | ||
50-99 employees | 40% | 32% | 28% | ||
100-249 employees | 54% | 29% | 18% | ||
250-499 employees | 38% | 54% | 8% | ||
500-999 employees | 64% | 23% | 14% | ||
1,000+ employees | 48% | 44% | 7% |
CFOs who reported their company hasn’t completed the transition also were asked the question below:
How concerned are you about meeting the deadline?
Very concerned | Somewhat concerned | Not at all concerned | ||
---|---|---|---|---|
NATIONAL | 15% | 49% | 36% | |
20-49 employees | 0% | 53% | 47% | |
50-99 employees | 27% | 33% | 40% | |
100-249 employees | 23% | 31% | 46% | |
250-499 employees | 7% | 80% | 13% | |
500-999 employees | 13% | 38% | 50% | |
1,000+ employees | 21% | 50% | 29% |
What is the most challenging aspect of the transition to the new standard?
(Answer options included: diagnosing the needed changes; finding professionals with the requisite expertise; identifying, inventorying and categorizing company’s leases; managing change; training staff; updating technology)
NATIONAL | Updating technology | 20-49 employees | Training staff |
50-99 employees | Updating technology | 100-249 employees | Managing change, updating technology (tie) |
250-499 employees | Finding professional with the requisite expertise, updating technology (tie) | 500-999 employees | Finding professional with the requisite expertise; identifying, inventorying and categorizing company’s leases; updating technology (tie) |
1,000+ employees | Finding professional with the requisite expertise; identifying, inventorying and categorizing company’s leases; updating technology (tie) |
CFOs who reported their company has completed the transition also were asked the questions below:
Which of the tools did you use for first-year compliance with the new lease accounting standard?
NATIONAL |
Lease accounting 51% |
Spreadsheets 51% |
Cutting-edge, advanced technologies 50% |
Paper-based records 43% |
20-49 employees |
Lease accounting 56% |
Spreadsheets 67% |
Cutting-edge, advanced technologies 56% |
Paper-based records 44% |
50-99 employees |
Lease accounting 60% |
Spreadsheets 70% |
Cutting-edge, advanced technologies 40% |
Paper-based records 60% |
100-249 employees |
Lease accounting 53% |
Spreadsheets 47% |
Cutting-edge, advanced technologies 47% |
Paper-based records 27% |
250-499 employees |
Lease accounting 56% |
Spreadsheets 44% |
Cutting-edge, advanced technologies 33% |
Paper-based records 67% |
500-999 employees |
Lease accounting 57% |
Spreadsheets 36% |
Cutting-edge, advanced technologies 64% |
Paper-based records 43% |
1,000+ employees |
Lease accounting 31% |
Spreadsheets 54% |
Cutting-edge, advanced technologies 54% |
Paper-based records 31% |
Which tool did you rely on most?
NATIONAL |
Cutting-edge, advanced technologies 37% |
Spreadsheets 23% |
Lease accounting software 20% |
Paper-based records 20% |
20-49 employees |
Cutting-edge, advanced technologies 33% |
Spreadsheets 22% |
Lease accounting software 22% |
Paper-based records 22% |
50-99 employees |
Cutting-edge, advanced technologies 40% |
Spreadsheets 20% |
Lease accounting software 20% |
Paper-based records 20% |
100-249 employees |
Cutting-edge, advanced technologies 33% |
Spreadsheets 40% |
Lease accounting software 7% |
Paper-based records 20% |
250-499 employees |
Cutting-edge, advanced technologies 22% |
Spreadsheets 22% |
Lease accounting software 33% |
Paper-based records 22% |
500-999 employees |
Cutting-edge, advanced technologies 43% |
Spreadsheets 7% |
Lease accounting software 21% |
Paper-based records 29% |
1,000+ employees |
Cutting-edge, advanced technologies 46% |
Spreadsheets 23% |
Lease accounting software 23% |
Paper-based records 8% |
If you plan to change your approach to compliance in future years, which tool do you anticipate relying on most?
NATIONAL |
Cutting-edge, advanced technologies 33% |
Lease accounting software 24% |
Spreadsheets 21% |
Paper-based records 17% |
Not planning to change 4% |
20-49 employees |
Cutting-edge, advanced technologies 33% |
Lease accounting software 33% |
Spreadsheets 22% |
Paper-based records 11% |
Not planning to change 0% |
50-99 employees |
Cutting-edge, advanced technologies 10% |
Lease accounting software 40% |
Spreadsheets 0% |
Paper-based records 50% |
Not planning to change 0% |
100-249 employees |
Cutting-edge, advanced technologies 13% |
Lease accounting software 20% |
Spreadsheets 40% |
Paper-based records 13% |
Not planning to change 13% |
250-499 employees |
Cutting-edge, advanced technologies 44% |
Lease accounting software 11% |
Spreadsheets 22% |
Paper-based records 22% |
Not planning to change 0% |
500-999 employees |
Cutting-edge, advanced technologies 50% |
Lease accounting software 21% |
Spreadsheets 21% |
Paper-based records 7% |
Not planning to change 0% |
1,000+ employees |
Cutting-edge, advanced technologies 46% |
Lease accounting software 23% |
Spreadsheets 15% |
Paper-based records 8% |
Not planning to change 8% |
CFOS who reported their company has started or completed the transition also were asked the question below:
How do you anticipate staffing future lease accounting compliance initiatives?
NATIONAL |
Combination of internal and external resources 39% |
Internal resources only 41% |
External resources only 20% |
20-49 employees |
Combination of internal and external resources 29% |
Internal resources only 53% |
External resources only 18% |
50-99 employees |
Combination of internal and external resources 33% |
Internal resources only 56% |
External resources only 11% |
100-249 employees |
Combination of internal and external resources 48% |
Internal resources only 35% |
External resources only 17% |
250-499 employees |
Combination of internal and external resources 36% |
Internal resources only 27% |
External resources only 36% |
500-999 employees |
Combination of internal and external resources 37% |
Internal resources only 47% |
External resources only 16% |
1,000+ employees |
Combination of internal and external resources 44% |
Internal resources only 36% |
External resources only 20% |
Source: Robert Half and Protiviti survey of more than 178 CFOs from privately held companies in Canada; totals may not equal 100 per cent due to rounding.
*Multiple responses were allowed.
© 2019 Robert Half International Inc.