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Deloitte readiness survey highlights complexities around implementing the new Leases standards

  • IFRS - Deloitte Image

Sep 07, 2018

On September 7, 2018, we released the report "Navigating the impact of the new Leases Standards — A Deloitte Global IFRS 16 and ASC 842 readiness survey". As Deloitte accompanies organizations in their new Leases standards implementation projects, we identified a need for organizations to share their many challenges and to understand those faced by others in their jurisdictions, regions and industries around the world. In response, Deloitte launched the Global IFRS 16 and ASC 842 readiness survey, which highlights the challenges and complexities facing organizations when implementing IFRS 16 and ASC 842 across the world.

Key findings of the survey are:

  • 52% of organizations anticipate a "material change" to their financial reporting
  • 67% of all organizations have not yet started or are on the impact assessment phase
  • 34% rate the determination of lease terms as highly complex
  • 86% of organizations are not considering early adoption
  • 43% have not yet determined their transition budgets
  • 74% of respondents do not currently have dedicated software systems for contracts
  • 61% of respondents are considering externally developed leasing systems
  • 38% of IFRS 16 respondents are considering the modified retrospective approach

Review the full survey results on our Global IAS Plus website.

Financial Executives International (FEI) published an interview with Deloitte lead partner on the survey Laurence Rivat discussing the survey results and especially IT aspects around implementing the new standards.

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