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i am highlighting the major features that are available under General Ledger module in Release 12 which is very helpful for any client....
1) Secondary Ledger
Set of Books available in 11i are replaced by Primary ledgers, whereas a new type of ledger called Secondary ledger is made available, which would represent the transactions in different dimension .. Say Primary Ledger can follow the Chart of Accounts, Calendar, accounting method as per organization needs.. whereas your secondary ledger can be of a different combination to meet statutory needs ... This functionality is also termed as Multiple Accounting Representation (MAR)
2) Ledger Sets
Ledgers sharing the similar structure and Calendar can be grouped together and tasks can be performed for a ledger set, which would in turn apply to the individual ledgers available under the group ..
3) Data Access Sets ..
Ledgers can have a read only or Write access, say for auditors you can give read only access to view the accounting information alone ...
4) Data Definition Access Sets..
You can secure the configuration that has been done earlier, so that others cannot view it, others cannot modify it, others cannot execute it .. say your accounting calendar, FSG reports definition all can be secured ...
5) Accounting and Reporting Sequences
To meet the country specific demands, on top of the traditional sequential numbering, oracle provides you with Accounting and Reporting sequencing for tracking your transactions ..etc .....
Please refer below documentations from oracle as well ...
Oracle E-Business Suite Releases 12.1 and 12.2 Release Content Documents [ID 1302189.1]
Release Content Documents for E-Business Suite Release 12 and 12.0.x Release Update Packs [ID 404152.1]
the impact of changes brought forward are more from the configuration and architectural perspective, hence from recording and processing transactions, the difference is minimal ...however few improvements can be done on the following processes ...
1) Period Close/Open process .. - Ledger sets can be used
2) Instead of menu exclusions, one can grant access to many configurations to the users and restrict it by Data Definition sets and Data access sets, thereby reducing the number of responsibilities that are currently created ...
If there are specific process that you are expecting to be handled/not handled in R12, share with us the same, we can share our inputs on it ....else its very difficult to state what system can do, and cannot ...
those programs would continue to run at the same frequency levels in release 12 also ... however there will be a difference in the way how they run now ...
From subledgers, data is sent to GL Interface table, then one can run Journal import which imports it to General Ledger Module, if any errors are found, they are rectified at the Interface table and imported again ...
data does not stay in the GL interface table ... From subledger the data stays in Interface for a shortwhile and then moved to General Ledger module ... if any errors are found, the transactions are rolled back to subledgers....
However, this difference is not a Notable one ..