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Oracle Financial Consolidation and Close Cloud (FCCS) - Managing IFRS 16 Compliance

Tanya Heise
Sr Principal Technical Support Engineer

Meet the new lease reporting standards with Financial Consolidation and Close Cloud.

Effective January 1, 2019 for many companies, the IASB’s (IFRS16) and the FASB’s (ASC842) new lease standards require nearly all leases to be reported on lessees’ balance sheets as assets and liabilities.

The impact of IFRS 16 and ASC 842 will be pervasive, and with the deadline approaching fast, companies should not wait to develop their solution.  Even for small to medium-sized businesses, the task of becoming fully compliant could be labor-
intensive. For those with large portfolios or decentralized lease management practices, the task will be particularly burdensome. On the other hand, the new standard gives organizations a great opportunity to ensure future financial reporting is organized, transparent, and most of all, compliant.

Review this whitepaper for more information on managing IFRS 16 compliance with FCCS.

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Comments ( 3 )
  • Leobardo Montufar Tuesday, October 22, 2019
    Can anyone advise when the IFRS16 Leasing solution in FCCS will be available, how customers can obtain and implement and any documentation available.
  • admin Tuesday, October 29, 2019
    Hello Leobardo;

    I reached out to product management about this. I was told that there is no starter kit; but a demo does exist; which partners have access to. The concept of the demo is to show what is possible using FCCS. Are you working with a partner? If so, please reach out to them for the demo application; which you can maybe use to build off your application.

    Thank you.
  • Bart van Velzen Friday, December 11, 2020
    Hi, I am conversant with the IFRS16 "starter kit" solution in FCC > question for how many years leases can I calculate: is that less or more than 50 years?
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