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Can we enter an opening liability amount? One lease discount rate? Group report by lease class?

Received Response
edited Oct 15, 2021 5:35PM in Lease Accounting 1 comment

Summary: Questions on opening liability amount for conversion, discount rate index, and reporting - Fusion Lease Accounting

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We are taking over lease accounting over from our parent company and plan to use Oracle Fusion Lease Accounting starting 1/1/22. We have three questions regarding Oracle Lease Accounting functionality:

1. Is there an ability to enter an opening liability amount for the lease, or do we need to back in to the liability using the discount rate index? If we have to back in to the opening liability, we are going to have differences between the amount the parent company has booked already and the amount Oracle calculates, and each lease will need to be evaluated for a one time accounting adjustment.

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