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Preparing for new lease accounting standards:
What to know in advance
Analysis of findings from professionals in state or local
government or higher education organizations
Deloitte poll results from November 2019
New lease accounting standards: Lessons learned from public companiesCopyright © 2020 Deloitte Development LLC. All rights reserved. 2
Methodology
employees of state or local governments and
public higher education institutions subject to
Governmental Accounting Standards Board
(GASB) standards were polled online during a
Deloitte Dbriefs webcast, titled “Preparing for
new lease accounting standards: What to
know in advance” and involving the Deloitte
Center for Controllership, on Nov. 15, 2019.
Answer rates differed by question.
In some instances, immaterial amounts (e.g., +/-
0.1%) have been added to or removed from the “Don’t
know/not applicable” answer responses to bring results
to 100% total for each question.
400+
2
New lease accounting standards: Lessons learned from public companiesCopyright © 2020 Deloitte Development LLC. All rights reserved. 3
Which best describes the current state of your organization’s
lease accounting implementation efforts?
Votes received: 525 (329 state and local governments and 196 public higher education institutions that
report in accordance with GASB)
Don’t know / not applicable = 15.5% state and local governments; 16.8% public higher education institutions that report in
accordance with GASB
14.9% 17.9%
36.5% 32.1%
26.1%
19.4%
7.0%
13.8%
State & local governments Public higher education institutions regulated by
GASB
Advanced-We have completed lease accounting implementation
Intermediate-We have started lease accounting implementation
Planning-We have not started lease accounting implementation, but we plan to start implementation
soon
Lagging-We have not started lease accounting implementation or planning for it
New lease accounting standards: Lessons learned from public companiesCopyright © 2020 Deloitte Development LLC. All rights reserved. 4
Will the amount of time and effort your organization’s lease
accounting team expends on implementation change in the next
12 months?
Votes received: 506 (320 state and local governments and 186 public higher education that report in
accordance with GASB)
Don’t know / not applicable = 16.6% state and local governments; 20.4% public higher education institutions that report in
accordance with GASB
45.9%
49.5%
30.9%
21.0%
6.6%
9.1%
State & local governments
Public higher education institutions
Yes-increase No change Yes-decrease
New lease accounting standards: Lessons learned from public companiesCopyright © 2020 Deloitte Development LLC. All rights reserved. 5
Don’t know / not applicable = 22.5% state and local governments; 23.1% public higher education institutions that report in
accordance with GASB
Lack of resources
or bandwidth to
take on lease
accounting
implementation
work
No software
solution is ready
to handle the
unique needs of
my type of
organization
Which poses the largest challenge to your entity’s lease
accounting implementation efforts in the next 12 months?
Votes received: 478 (301 state and local governments; 177 public higher education institutions that report
in accordance with GASB)
Government
budget processes
are making it
tough to procure
software
solutions or
other resources
needed
Lack of
centralized
leadership and
operations, due
to multiple
organizations
rolling-up into
one agency or
entity
The need to
restate 1 year of
financials, if we
issue
comparative
financials (for
GASB issuers)
28.6%
14.3%
12.3% 13.0%
9.3%
36.2%
10.7%
6.8%
13.6%
9.6%
State & local governments Public higher education institutions
New lease accounting standards: Lessons learned from public companiesCopyright © 2020 Deloitte Development LLC. All rights reserved. 6
Media contact
Shelley Pfaendler
Public Relations
Deloitte Services LP
spfaendler@deloitte.com
Dan Mucisko
Public Relations
Deloitte Services LP
dmucisko@deloitte.com
Full press release available on
Deloitte.com
8
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 © 2020 Deloitte Development LLC. All rights reserved.
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.

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Preparing for new lease accounting standards

  • 1. Preparing for new lease accounting standards: What to know in advance Analysis of findings from professionals in state or local government or higher education organizations Deloitte poll results from November 2019
  • 2. New lease accounting standards: Lessons learned from public companiesCopyright © 2020 Deloitte Development LLC. All rights reserved. 2 Methodology employees of state or local governments and public higher education institutions subject to Governmental Accounting Standards Board (GASB) standards were polled online during a Deloitte Dbriefs webcast, titled “Preparing for new lease accounting standards: What to know in advance” and involving the Deloitte Center for Controllership, on Nov. 15, 2019. Answer rates differed by question. In some instances, immaterial amounts (e.g., +/- 0.1%) have been added to or removed from the “Don’t know/not applicable” answer responses to bring results to 100% total for each question. 400+ 2
  • 3. New lease accounting standards: Lessons learned from public companiesCopyright © 2020 Deloitte Development LLC. All rights reserved. 3 Which best describes the current state of your organization’s lease accounting implementation efforts? Votes received: 525 (329 state and local governments and 196 public higher education institutions that report in accordance with GASB) Don’t know / not applicable = 15.5% state and local governments; 16.8% public higher education institutions that report in accordance with GASB 14.9% 17.9% 36.5% 32.1% 26.1% 19.4% 7.0% 13.8% State & local governments Public higher education institutions regulated by GASB Advanced-We have completed lease accounting implementation Intermediate-We have started lease accounting implementation Planning-We have not started lease accounting implementation, but we plan to start implementation soon Lagging-We have not started lease accounting implementation or planning for it
  • 4. New lease accounting standards: Lessons learned from public companiesCopyright © 2020 Deloitte Development LLC. All rights reserved. 4 Will the amount of time and effort your organization’s lease accounting team expends on implementation change in the next 12 months? Votes received: 506 (320 state and local governments and 186 public higher education that report in accordance with GASB) Don’t know / not applicable = 16.6% state and local governments; 20.4% public higher education institutions that report in accordance with GASB 45.9% 49.5% 30.9% 21.0% 6.6% 9.1% State & local governments Public higher education institutions Yes-increase No change Yes-decrease
  • 5. New lease accounting standards: Lessons learned from public companiesCopyright © 2020 Deloitte Development LLC. All rights reserved. 5 Don’t know / not applicable = 22.5% state and local governments; 23.1% public higher education institutions that report in accordance with GASB Lack of resources or bandwidth to take on lease accounting implementation work No software solution is ready to handle the unique needs of my type of organization Which poses the largest challenge to your entity’s lease accounting implementation efforts in the next 12 months? Votes received: 478 (301 state and local governments; 177 public higher education institutions that report in accordance with GASB) Government budget processes are making it tough to procure software solutions or other resources needed Lack of centralized leadership and operations, due to multiple organizations rolling-up into one agency or entity The need to restate 1 year of financials, if we issue comparative financials (for GASB issuers) 28.6% 14.3% 12.3% 13.0% 9.3% 36.2% 10.7% 6.8% 13.6% 9.6% State & local governments Public higher education institutions
  • 6. New lease accounting standards: Lessons learned from public companiesCopyright © 2020 Deloitte Development LLC. All rights reserved. 6 Media contact Shelley Pfaendler Public Relations Deloitte Services LP spfaendler@deloitte.com Dan Mucisko Public Relations Deloitte Services LP dmucisko@deloitte.com Full press release available on Deloitte.com 8
  • 7. 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 © 2020 Deloitte Development LLC. All rights reserved. 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.