Property Manager: modified retrospective approach for IFRS16 compliance
We are in the process of implementing Oracle Property Manager Solution. They are planning to adopt modified retrospective approach when moving from Operating to Finance Leases.
On date of transition, they will record ROU & Lease liability from the beginning of all their active leases and difference between ROU & Lease liability can be shifted to equity. Would property manager be able to generate transition entry from operating leases to finance leases, i.e. when client adopts IFRS 16 for the first time.