Contenu connexe Similaire à Preparing for new lease accounting standards (20) Plus de Deloitte United States (17) Preparing for new lease accounting standards1. 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
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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
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