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FASB UPDATE 2016-02-LEASES

edited Jun 23, 2018 5:01AM in JDEdwards World (MOSC) 1 commentAnswered

Is anyone using JDE World to track leases in accordance with FASB UPDATE 2016-02-LEASES?

If so how are you doing it?

Oracle has an enhancement request, (Bug ID 26478911) but it has not gone beyond internal review.

Background:

FASB ISSUES NEW GUIDANCE ON LEASE ACCOUNTING

Norwalk, CT, February 25, 2016—The Financial Accounting Standards Board (FASB) today issued an Accounting Standards Update (ASU) intended to improve financial reporting about leasing transactions. The ASU affects all companies and other organizations that lease assets such as real estate, airplanes, and manufacturing equipment.

The ASU will require organizations that lease assets—referred to as “lessees”—to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases.

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