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FAQ's about the new FASB leases standard: You're not alone

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On May 8, 2017, a Deloitte Dbriefs webcast titled “FAQs about the new FASB leases standard: You're not alone” polled more than 2,150 C-suite executives and other executives about lease accounting implementation. Nearly half (47.1 percent) are concerned about their organizations’ ability to implement on time.

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FAQ's about the new FASB leases standard: You're not alone

  1. 1. FAQs about the new FASB leases standard: You're not alone Deloitte Poll, results from May 8, 2017
  2. 2. Copyright © 2017 Deloitte Development LLC. All rights reserved. 2 Methodology On May 8, 2017, a Deloitte Dbriefs webcast titled “FAQs about the new FASB leases standard: You're not alone” polled more than 2,150 C-suite executives and other executives about lease accounting implementation. Respondents largely work in the consumer and industrial products (33.6 percent), financial services (32.8 percent) and technology, media and telecommunications (12.2 percent) industries. Similar online polls were conducted in March 2016 and October 2016. Answer rates differed by question.
  3. 3. Copyright © 2017 Deloitte Development LLC. All rights reserved. 3 1.2% 6.7% 36.1% 31.2% 12.4% 3.1% 7.9% 36.2% 26.5% 8.4% 2.2% 9.2% 42.0% 24.6% 6.8% Mar-16 Oct-16 May-17 How prepared is your organization to comply with the new lease accounting standard? (Year-over-year) Votes received: 2,522 (Mar. 2016); 1,231(Oct. 2016); 2,536 (May 2017) Don’t know/not applicable= 12.4% (Mar. 2016); 17.9% (Oct. 2016); 15.2% (May 2017) Extremely prepared Very prepared Not at all prepared Not too prepared Somewhat prepared
  4. 4. Copyright © 2017 Deloitte Development LLC. All rights reserved. 4 Votes received: 1,320 (Mar. 2016); 2,562 (May 2017) Which best describes your organization’s likely lease accounting implementation timeline? 3.3% 7.1% 48%22% Don’t know/not applicable: 19.6% (Mar. 2016); 19.6% (May 2017) Early adopt, public company adopting faster than timeline mandated by regulators for publicly traded companies Early adopt, private organization adopting faster than timeline mandated by regulators for privately held organizations Adopt on schedule, public company adopting on timeline mandated by regulators for publicly traded companies Adopt on schedule, private organization adopting on timeline mandated by regulators for privately held organizations 4% 3.8% 32.3%40% Mar. 2016 May 2017
  5. 5. Copyright © 2017 Deloitte Development LLC. All rights reserved. 55 How concerned are you about your organization’s ability to implement the new lease accounting standard by the chosen or required date? Very concerned 5.8% Votes received: 2,531 13.5% Don’t know/not applicable 41.3% 39.4% Somewhat concerned Not concerned
  6. 6. Copyright © 2017 Deloitte Development LLC. All rights reserved. 6 How easy or difficult do you think it will be for your company to implement the new lease accounting standard? Votes received: 2,368 (Mar. 2016); 2,373 (May 2017) Don’t know/not applicable: 11.6% (Mar. 2016); 13.4% (May 2017) 1.8% 15.2% 21.1% 43.7% 6.7% 1.6% 9.8% 23.0% 46.5% 5.7% Extremely easy Somewhat easy Neither easy nor difficult Somewhat difficult Extremely difficult Mar-16 May-17
  7. 7. Copyright © 2017 Deloitte Development LLC. All rights reserved. 7 Which will pose the largest implementation challenge for your company’s lease accounting standard compliance efforts in the next 12 months? Votes received: 1,889 (Mar. 2016); 2,153 (May 2017) Don’t know/not applicable: 19.5% (Mar. 2016); 19.6% (May 2017) 35.6% 23.2% 7.4% 6.6% 7.7% 34.4% 22.7% 10.8% 6.5% 6.0% Collecting necessary data on all organizational leases in a centralized, electronic inventory Developing and instituting processes to evaluate quarterly adjustments/reassessment for the balance sheet and P&L as required IT system upgrades Complying with both IASB and FASB standards simultaneously Educating investors and internal stakeholders on the rules' impacts to financial statements Mar-16 May-17
  8. 8. Copyright © 2017 Deloitte Development LLC. All rights reserved. 8 Shelley Pfaendler Public Relations Deloitte Services LP spfaendler@deloitte.com Full press release available on Deloitte.com Media contact
  9. 9. 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. About Deloitte Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee (“DTTL”), its network of member firms, and their related entities. DTTL and each of its member firms are legally separate and independent entities. DTTL (also referred to as “Deloitte Global”) does not provide services to clients. In the United States, Deloitte refers to one or more of the US member firms of DTTL, their related entities that operate using the “Deloitte” name in the United States and their respective affiliates. Certain services may not be available to attest clients under the rules and regulations of public accounting. Please see www.deloitte.com/about to learn more about our global network of member firms. Copyright © 2017 Deloitte Development LLC. All rights reserved.

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