Oracle Property Manager is readying itself with a 1st Release to enable its customers to comply with IFRS 16 and US GAAP for ASC 842. This release is tentatively planned end of July in all probability as a controlled release.
First Release is intended to help its customers to provide reports for "Look Back" period. During First Release of this project, Compliance Reports with ROU and Liability balances, with detailed amortizations and Interest Expense and Amortization expense(two methods) will be made available to the users period wise.
Users may choose to update their financials manually and comply with these standards or use these reports only for "Look Back" requirement where they need to generate comparative financial statements for one to two years with new standards.
During phase 2 of the project, accounting will be generated from the application in compliance with the standards. Phase 2 is tentatively planned end of the year,2017
For more information on the IFRS changes for Property manager refer 2162811.1
With credit to
Navin Gadidala, Senior Principal Product Manager