Monday Jan 06, 2014

Need to Maintain Assets Better? Join Us at the 2014 Oracle Value Chain Summit

The 2014 Oracle Value Chain Summit will be held Monday through Wednesday, February 3 – 5, 2014, in San Jose, California. This event provides a venue to learn about all things value chain, including asset maintenance, inventory management, and procurement. In particular, facility and equipment maintenance users will have the chance to network and share ideas about administering asset maintenance and effectively utilizing the PeopleSoft Maintenance Management and Supplier Relationship Management applications. We have a strong lineup of experienced PeopleSoft customers slated to share their knowledge in a series of interactive sessions so that you can gain insight into how to best implement, use, and manage the aplications. This is the only event in which your facility and asset maintenance teams can talk nothing but maintenance for 3 days. If you would like more information about the event, please visit the event site at http://www.oracle.com/goto/ovcs.  Customers, prospective customers, Oracle partners, and Oracle employees can attend.

Two other important points are that on Thursday, February 6th, the next day after the Summit, we will host an in-person meeting of the PeopleSoft Maintenance Management Focus Group in the morning and a complimentary, half-day training on the use of the PeopleSoft Maintenance Management application in the afternoon. The Focus Group will review product roadmap ideas and validate designs, and the in-person training will serve as a good refresher on product functionality as well as a way to learn about features that you don't currently use. These events are for existing PeopleSoft Maintenance Management customers only and are by invitation. If you are an existing customer of PeopleSoft Maintenance Management and would like more information about the focus group and training, please contact either Loida Chez, Mike Madden, or Mark Rosenberg.

We look forward to seeing you there!

Monday Dec 17, 2012

An Oracle Event for Your Facility & Equipment Maintenance Staff

The 7th Annual Oracle Maintenance Summit will occur February 4 – 6, 2013 at the Hyatt Regency San Francisco. This year, the Maintenance Summit will be one of the major pillars of a larger Oracle Value Chain Summit.

What makes this event different from the other events hosted by Oracle and the PeopleSoft Community’s various user groups is that it is specifically meant to provide a venue for the facility and equipment maintenance community to talk about all things related to maintenance.  Maintenance Planners, Maintenance Schedulers, Vice Presidents and Directors of Physical Plant, Operations Managers, Craft Supervisors, IT management, and IT analysts typically attend this event and find it to be a very valuable experience.

The Maintenance pillar will provide the same atmosphere and opportunity to hear from PeopleSoft Maintenance Management customers, Oracle Product Strategy, and partners, as in past years.  For more information, you can access the registration website for the Value Chain Summit.

For existing PeopleSoft Maintenance Management customers…if you are interested in participating in the PeopleSoft Maintenance Management Focus Group in which Oracle discusses product roadmap topics with the community of customers who have licensed the PeopleSoft Maintenance Management application, please contact Loida.McDearis@oracle.com, Roxanne.Johnson@oracle.com, or Mark.Rosenberg@oracle.com. The Focus Group will meet on February 7th, and attendance is by invitation only.

We look forward to seeing you in San Francisco!

P.S.  The Early Bird registration fee is $195. Register before December 31 to take advantage of this introductory low price, as the registration fee will go up to $295 after that date.

Monday Jul 30, 2012

IASB and FASB Agree on Lease Accounting Approach

Almost a year after their decision to re-expose proposals for a common leasing standard, the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) have reached a key decision regarding the recognition of lease expenses. At their June 13, 2012 meeting, the IASB and FASB agreed that leases over 12 months should be recognized on the balance sheet, while leases with terms under 12 months should be treated similar to current operating leases.

With that major decision in place, the timeline for issuance of the final standard seems to be a bit more stabilized. The IASB and FASB expect to publish the second exposure draft in the fourth quarter of this year, and issue the final lease accounting guidance late in 2013. It is anticipated that the new lease accounting standard will be effective in 2017, with retroactive reporting beginning in 2015.

Oracle remains committed to helping customers transition to the new lease accounting standard. The Applications Unlimited teams continue to work closely together to monitor the convergence project and analyze the impact to our products so that we can design and build consistent solutions.

We anticipate that the new lease accounting rules will introduce functional overlap between the two products primarily impacted by the lease convergence – PeopleSoft Asset Management and Real Estate Management, both part of the PeopleSoft Asset Lifecycle Management (ALM) suite of products. PeopleSoft plans to evaluate the lease administration features and functions of each product to deliver a foundational framework for the new capabilities the final accounting standard will require.

We invite customers to participate in providing feedback on our design enhancements for lease accounting. If you are interested, please send an email to howard.shaw@oracle.com or loida.mcdearis@oracle.com. For more information on the June 2012 IASB and FASB meeting, see the press release here.

Tuesday Aug 02, 2011

IASB and FASB to re-expose proposal on upcoming lease accounting changes

On July 21, the International Accounting Standards Board (IASB) and the US-based Financial Accounting Standards Board (FASB) announced they would re-expose their revised proposals for a common leasing standard. This standard is being developed as a joint convergence project for IAS 17/ASC 840 (formerly FAS 13).

While re-exposure for the Boards can be somewhat atypical, the decision to do so in this case was not surprising considering the vast scope of the proposed changes. In a sense, introducing a new comment period seemed unavoidable as there have been significant revisions to the initial exposure draft since it was first published back in August 2010.

What does this mean in terms of timing? A revised exposure draft is expected in the fourth quarter of 2011, with the final standard sometime around mid-2012.  From an adoption standpoint, there is no official effective date (as of yet), however the Boards have previously communicated that it likely would not be any earlier than 2014. There’s a good chance that their decision to re-expose may push that out even further, although that is purely speculation at this point.

Some of the causes for the delays have been a much larger than expected number of responses, significant concern over the cost of reassessing all leases, and comments that the complexity of measurement could spiral to unsustainable levels. The biggest gray area, however, centers on the lessor accounting model. The original overarching goal was to have a single lease standard for both lessee and lessor accounting. The Boards have been discussing whether to have one or two lessor accounting models – the FASB has been leaning towards two (as proposed in the exposure draft), while the IASB seems to prefer a single model. It’s possible that this difference of opinion could result in the Boards breaking down the lease standard, which may allow them to issue the lessee accounting standard (somewhat on time), while delaying the lessor accounting standard to an unknown future date.

So what does all this mean for PeopleSoft customers? As always, Oracle has been monitoring the development of the new standards and our Applications Unlimited and Fusion Development teams have been working closely together to analyze the changes and craft a consistent solution. We are also providing feedback to the Boards from a software vendor perspective to ensure they allow the industry a reasonable timeframe to accommodate the new standards, as well as provide customers enough of a window for implementation and conversion.

From a product perspective, the lease accounting changes primarily impact the PeopleSoft Asset Management and Real Estate Management products, part of the PeopleSoft Asset Lifecycle Management (ALM) suite. The new standards introduce significant functional overlap between our products, which is good in that it will allow us to better leverage our shared feature set (and vast integrations across the FSCM environment) as we add new capabilities.

We invite customers to participate in providing feedback on our design enhancements for lease accounting. If you are interested, please send an email to mailto:howard.shaw@oracle.com or mailto:loida.mcdearis@oracle.com. Stay tuned, as we will continue to comment as more developments arise.

About

This blog is dedicated to topics focused on PeopleSoft Applications, including Human Capital Management, Financials, Enterprise Service Automation, Asset Lifecycle Management, Procurement, Supply Chain and Customer Relationship Management.

For information about legislative updates to our PeopleSoft Applications see the PeopleSoft Legislative Updates Blog.

For information about PeopleTools see the PeopleSoft Technology Blog.

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