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Few Government Professionals Feel Prepared to Comply with Lease Accounting Standards

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According to a June 2019 Deloitte poll, few professionals in U.S. government entities feel prepared to comply (11.4% of federal agency employees and 12.4% of state or local government or higher education institution employees) with the Federal Accounting Standards Advisory Board’s (FASAB) and Governmental Accounting Standards Board’s (GASB) respective lease accounting standards.

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Few Government Professionals Feel Prepared to Comply with Lease Accounting Standards

  1. 1. New lease accounting standards: Lessons learned from public companies Analysis of findings from professionals in federal, state or local government or higher education organizations Deloitte poll results from June 20, 2019
  2. 2. New lease accounting standards: Lessons learned from public companiesCopyright © 2019 Deloitte Development LLC. All rights reserved. 2 Methodology Professionals working for federal government, state or local government or higher education organizations were polled online during a Deloitte Dbriefs webcast, titled “New lease accounting standards: Lessons learned from public companies” and involving the Deloitte Center for Controllership, on June 20, 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. 230+ 2
  3. 3. New lease accounting standards: Lessons learned from public companiesCopyright © 2019 Deloitte Development LLC. All rights reserved. 3 How prepared is your organization to comply with the new lease accounting standard? Votes received: 289 (79 federal; 210 state or local governments or higher education) Prepared = Respondents selecting “extremely prepared” or “very prepared” answer options. Unprepared = Respondents selecting “not too prepared” or “not at all prepared” answer options. Don’t Know / Not Applicable = 25.3% federal; 24.3% state or local governments or higher education Federal agency employees State or local government; or, higher education employees 11.4% 49.4% 13.9% 12.4% 35.2% 28.1% Prepared Somewhat prepared Unprepared
  4. 4. New lease accounting standards: Lessons learned from public companiesCopyright © 2019 Deloitte Development LLC. All rights reserved. 4 How easy or difficult do you think it will be for your company to implement the new lease accounting standard? Don’t Know = 22.6% federal; 18.6% state or local governments or higher education Votes received: 329 (98 federal; 231 state or local governments or higher education) 2.0% 21.4% 41.8% 12.2% 6.5% 22.9% 40.7% 11.3% Easy Neither difficult nor easy Difficult Not applicable- implementation already complete Federal agency employees State or local government; or, higher education employees
  5. 5. New lease accounting standards: Lessons learned from public companiesCopyright © 2019 Deloitte Development LLC. All rights reserved. 5 Which do you think will pose the largest implementation challenge for your company’s lease accounting standard compliance efforts in the next 12 months? Don’t Know / Not Applicable = 28.9% federal; 21.5% state or local governments or higher education Votes received: 320 (97 federal; 223 state or local governments or higher education) 24.7% 22.7% 17.5% 5.2% 1.0% 39.9% 14.8% 7.6% 7.2% 9.0% Federal agency employees State or local government; or, higher education employees Identifying all leases and gathering necessary data Managing multiple new accounting standards (e.g., revenue recognition and/or current expected credit loss) in addition to lease accounting Managing necessary changes to business processes, controls, and employee/stakeholder communications Difficulty in finding and implementing an appropriate IT solution Figuring out where to start the implementation process
  6. 6. New lease accounting standards: Lessons learned from public companiesCopyright © 2019 Deloitte Development LLC. All rights reserved. 6 How many real estate and/or equipment leased assets does your organization’s portfolio contain? Votes received: 234 (51 federal; 183 state or local governments or higher education) Don’t Know / Not Applicable = 25.4% federal; 36.1% state or local governments or higher education 25.5% 11.8% 11.8% 13.7% 11.8% 30.6% 9.3% 11.5% 3.8% 8.7% Less than 100 100-300 301-1,000 1,001-2,500 More than 2,500 Federal agency employees State or local government; or, higher education employees
  7. 7. New lease accounting standards: Lessons learned from public companiesCopyright © 2019 Deloitte Development LLC. All rights reserved. 7 Media contact Shelley Pfaendler Public Relations Deloitte Services LP spfaendler@deloitte.com Cheznee Johnson Public Relations Deloitte Services LP chezjohnson@deloitte.com Full press release available on Deloitte.com 8
  8. 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 © 2019 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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