As a part of new IFRS & ASC842 lease accounting requirement enhancement, we have released a new Cumulative patch. Patch Details are
12.2.X and above – 35573606:R12.PN.C
The above cumulative patch not only has few critical bug fixes, it also has a major product enhancement being included in it. The major enhancement that are released as a part of this cumulative patch are:
- Property Manager – Equipment Lease Versioning: Oracle Property Manager has introduced improved features to cater to customers’ needs for versioning of Equipment Lease, similar to Property Lease Versioning delivered in 12.2.12. These enhancements include simulations, stop and review, tracing of lease history, and multi-level AME workflow for amendments in release 12.2.13.These features are available for all types of Equipment leases within an operating unit. Users can now use the multi-level AME workflow while creating or amending any type of Equipment lease.
- Lease Expiry Process – Oracle Property Manager has introduced a lease expiry process that is fully compliant with IFRS16, ASC842, or SFFAS54 for all types of expense leases. This process enables users to smoothly close ROU and Accumulated Amortization balances on a lease during its natural expiration or an Early Termination.
- SFFAS54 Complaince Enablement – SFFAS 54 is a set of lease accounting standards established by the Federal Accounting Standards Advisory Board (FASAB). Its purpose is to guide federal entities in accounting for and reporting federal lease activities accurately in their financial statements. SFFAS 54 applies to all leases that are considered capital leases or operating leases.
For more details on the latest CU and updates regarding IFRS please refer Doc id: 2482062.2