IFRS16 and ASC842 Accounting Standards for Equipment Lessees

Starting in 2019, the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) will require adherence to new accounting standards for equipment lessees. To meet these new standards, equipment lessees are required to make significant changes in accounting and reporting by adding their leases to their balance sheet as lease liabilities with corresponding right-of-use (ROU) assets.

The update to support these accounting standards changes for equipment lessees is delivered as a consolidated patch set to Oracle Property Manager. Oracle Financials users are granted Restricted Use of Oracle Property Manager for the purpose of accounting for equipment expense leases.