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Critical enhancement needed by 2021

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edited Dec 18, 2020 3:46PM in Assets 3 comments

Summary

FASB's ASC 842 is effective January 1, 2022 for private companies

Content

Description:

Estes configured a fixed asset book for leased assets in Oracle Cloud Application 20C in order to comply with FASB’s ASC 842.  The leases entered were operating leases with monthly payments due in advance on the 1st of every month, and our fiscal calendar consists of 13 accounting periods per year.  The asset book was created with the selection of calculating expenses based on days.  However, when running the Calculate Lease Expenses process for operating leases, one full month of operating lease expense was recorded instead of pro-rating the operating lease expense by the number of days in the accounting period.  We submitted SR 3-23721886601 to figure out why the operating lease expense was not being pro-rated by the number of days in the accounting period, and we were told the system is designed to record operating

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