Lease accounting: Early steps in FASB compliance and centralizing data

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More than 3,300 professionals participated in the Deloitte Dbriefs webcast, “Lease accounting: Early steps in FASB compliance and centralizing data,” on Oct. 24, 2016. http://www2.deloitte.com/us/en/pages/about-deloitte/articles/press-releases/is-2017-the-year-of-lease-accounting-implementation.html?id=us:2sm:3ss:leaseacct:awa:adv:121216

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Lease accounting: Early steps in FASB compliance and centralizing data

  1. 1. Lease accounting: Early steps in FASB compliance and centralizing data Deloitte Poll, results from October 24, 2016
  2. 2. Copyright © 2016 Deloitte Development LLC. All rights reserved. 2 Methodology More than 3,300 professionals participated in the Deloitte Dbriefs webcast, “Lease accounting: Early steps in FASB compliance and centralizing data,” on October 24, 2016. Poll respondents represented several sectors including banking and securities (9.8 percent); technology (8.3 percent); travel, hospitality and leisure (8.1 percent); retail and distribution (7.8 percent); and real estate (6.8 percent). To replay the Deloitte Dbriefs webcast, visit the archive online.
  3. 3. Copyright © 2016 Deloitte Development LLC. All rights reserved. 3 How prepared is your company to comply with the new lease accounting standards? Votes received: 3,081 24.4% Don’t know/not applicable Extremely prepared 3.2% Very prepared 10.6% Not at all prepared 7.2% Not too prepared 20.8% Somewhat prepared 33.8%
  4. 4. Copyright © 2016 Deloitte Development LLC. All rights reserved. 4 Votes received: 3,319 Which best describes your organization’s likely lease accounting implementation timeline? 4.8% Early adopt, public company adopting faster than timeline mandated by regulators for publicly traded companies 6.7% Early adopt, private organization adopting faster than timeline mandated by regulators for privately held organizations 36.4% Adopt on schedule, private organization adopting on timeline mandated by regulators for privately held organizations 23.6% Adopt on schedule, public company adopting on timeline mandated by regulators for publicly traded companies 28.4% Don’t know/not applicable
  5. 5. Copyright © 2016 Deloitte Development LLC. All rights reserved. 5 Which group is leading or is likely to be leading the lease accounting implementation efforts for your organization? Votes received: 3,329 20.3% Don’t know/not applicable 55.2% 1.6% 5.0%13.8% Controllership Real estate Treasury Combination of controllership, IT, real estate and treasury IT 4.1%
  6. 6. Copyright © 2016 Deloitte Development LLC. All rights reserved. 6 5.3% 9.4% 15% 16.3% 24.7% What will be your organization’s top lease accounting implementation challenge in the next 12 months? Votes received: 3,175 29.3% Don’t know/not applicable Figuring out where to start the implementation process Collecting necessary data on all organizational leases in a centralized, electronic inventory Implementing multiple new accounting standards (i.e., revenue recognition and/or current expected credit loss) simultaneously with lease accounting Overcoming board and executive assumptions that implementation will have little or no impact on financial reporting and operations Determining whether IT solutions currently in place for tracking lease data can manage lease accounting implementation and compliance
  7. 7. Copyright © 2016 Deloitte Development LLC. All rights reserved. 77 Will the amount of time and effort your organization’s lease accounting team expends on implementation change in the next 12 months? Yes—increase 54.7% Votes received: 2,741 27.5% Don’t know/not applicable 15.9% 1.9% No change Yes—decrease
  8. 8. Copyright © 2016 Deloitte Development LLC. All rights reserved. 8 Votes received indicating respondent sector: 2,560 Will the amount of time and effort your organization’s lease accounting team expends on implementation change in the next 12 months? – Sector cut 77.1% 65.9% 62.8% 61.7% 61.3% 61% 59.2% 58.6% 57.5% 57.3% 57.2% 57% 56.3% 56.7% 55.6% 53.2% 47% 41.4% Percentage of “Yes - increase” responses by sector
  9. 9. Copyright © 2016 Deloitte Development LLC. All rights reserved. 9 Shelley Pfaendler Public Relations Deloitte Services LP spfaendler@deloitte.com Full press release available on Deloitte.com Media contact
  10. 10. The statements in this report reflect the aggregation of poll responses and are not intended to reflect facts or opinions of any entities. All data, charts and statistics referenced and presented, as well as the representations made and opinions expressed, unless specifically described otherwise, pertain only to the participants and their responses to the Deloitte poll. The information obtained during the poll was taken “as is” and was not validated or confirmed by Deloitte. This presentation contains general information only and Deloitte is not, by means of this presentation, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services. This presentation is not a substitute for such professional advice or services, nor should it be used as a basis for any decision or action that may affect your business. Before making any decision or taking any action that may affect your business, you should consult a qualified professional advisor. Deloitte shall not be responsible for any loss sustained by any person who relies on this presentation. As used in this document, “Deloitte” means Deloitte LLP and its subsidiaries. Please see www.deloitte.com/us/about for a detailed description of the legal structure of Deloitte LLP and its subsidiaries. Certain services may not be available to attest clients under the rules and regulations of public accounting. Copyright © 2016 Deloitte Development LLC. All rights reserved.

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