the IASB (International Accounting Standards Board) and FASB (Financial
Accounting Standards Board) have made some major changes with respect to
accounting standards for leases. To meet these new standards for leases,
property tenants and equipment lessees are required to make significant changes
in accounting and reporting for most leases (i.e., rental contracts) on their
balance sheets as lease liabilities with corresponding right-of-use-assets.
Property Manager is an Oracle E-Business Suite application that is designed to
manage major real estate leases, including lease administration and office
space allocation. Landlords, tenants, and sub-lessors can assign, administer,
view, and modify space assignments to manage their space efficiently using
Oracle Property Manager. They can abstract leases and administer lease contract
terms effectively using Oracle Property Manager to calculate rent increases
based on fixed percentages or a specified index and manage variable rent.
Landlords can calculate and recover expenses such as those for common area
maintenance from tenants; tenants can create operating expense agreements when
required to pay the landlord a pro rata share of operating expenses for a