Session ID: 10959
Abstract: The new lease accounting standards will be effective for fiscal year 2019. Many businesses are facing hurdles in implementing the new lease accounting standards - FASB’s ASC 842 and IASB’s IFRS 16. The changes will impact the operations of almost every organization, regardless of size, industry, or geography. Cloud ERP being SaaS solution, customers were provided the functionality in updates of Release 13. This session provides overview of the implementation of Leases using Cloud ERP, the practicality of using Oracle Cloud for statutory reporting, the limitations and associated workarounds.
Objective 1: Incorporating new Standards fundamentally altering accounting
Objective 2: Learn limitations of using Fixed Assets to host Lease accounting
Objective 3: Introducing stop-gap enablers in Cloud ERP while Oracle improvises the Lease accounting functionality
Audience: Functional / User