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Property Manager Compliance with IFRS 16 & ASC 842

Cindy A B-Oracle
Cindy A B-Oracle Posts: 89 Red Ribbon
edited Aug 25, 2016 11:08AM in Property Manager - EBS (MOSC) 23 comments
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  • user12021173
    user12021173 Posts: 17 Green Ribbon

    Is there a timeline for when the patches to support this will be made available?

  • Vaishali -Oracle
    Vaishali -Oracle Posts: 10,041 Gold Crown - Community Leader

    Is there a timeline for when the patches to support this will be made available?

    Hi

    As of now there is no fixed ETA on this issue. However once the patch is released the above document will be updated accordingly

    Regards

  • User_XA4CP
    User_XA4CP Posts: 1 Red Ribbon

    Hi

    Do we have any update on this. is this available on latest R12 version i.e. 12.2.7

    regards

    Ranjeet

  • Vaishali -Oracle
    Vaishali -Oracle Posts: 10,041 Gold Crown - Community Leader

    Hi Ranjeet

    As you know, the whole solution is divided into 2 phases. Currently Phase 1 patch is already released and Phase 2 is under development

    Regards

  • OPM
    OPM Posts: 74 Blue Ribbon

    Hi Ranjeet

    As you know, the whole solution is divided into 2 phases. Currently Phase 1 patch is already released and Phase 2 is under development

    Regards

    Hi Vaishali,

    Hope you are doing good!!

    May I know the latest update on the patches of IFRS16.

    Thanks,

    kavya

  • Vaishali -Oracle
    Vaishali -Oracle Posts: 10,041 Gold Crown - Community Leader

    Hi Vaishali,

    Hope you are doing good!!

    May I know the latest update on the patches of IFRS16.

    Thanks,

    kavya

    Hi Kavya

    I am good. How are you

    On the IFRS, Phase 1 patch already been released and currently Phase 2 solution is under testing


    Regards

  • User379414
    User379414 Posts: 21 Green Ribbon

    Hi Vaishali

    Good day

    Can you please correct my understanding? We have applied Patch as per Doc Id 2319447.1. We can see the new fields at Lease level such as Discount rate Index, Accounting Method.

    Also we could see new Check boxes at Payment Term Level such as ROU Asset, ROU Liability etc. We created a Lease but see that system is not asking any GL accounts for these. We now understand that the system will just generate the Schedule based on this selection but not the Accounting events. We could not see the system asking us ROU Asset, ROU Liability GL accounts anywhere.

    Thus we understand that Accounting Events will only be available in Phase 2 which is still in Testing phase. Thus Oracle is just ready with Phase 1. Kindly confirm our understanding.

    Thanks a mil

    Saurabh

  • Vaishali -Oracle
    Vaishali -Oracle Posts: 10,041 Gold Crown - Community Leader

    Hi Sourabh

    yes you are right. Accounting entries will be part of Phase and not phase 1. In Phase 1, only these balances are calculated and no accounting will be generated / interfaced to GL.

    Please note that as of now only phase 2 patch is released for customers. Phase 1 is still under testing

    Regards

  • User379414
    User379414 Posts: 21 Green Ribbon

    Hi Sourabh

    yes you are right. Accounting entries will be part of Phase and not phase 1. In Phase 1, only these balances are calculated and no accounting will be generated / interfaced to GL.

    Please note that as of now only phase 2 patch is released for customers. Phase 1 is still under testing

    Regards

    Hi Vaishali

    Thanks. Can we expect the Patch this week? Or is there any delay?

    Kind regards

    Saurabh

  • Vaishali -Oracle
    Vaishali -Oracle Posts: 10,041 Gold Crown - Community Leader

    Hi Vaishali

    Thanks. Can we expect the Patch this week? Or is there any delay?

    Kind regards

    Saurabh

    Hi Saurabh

    The patch is already released for Phase 2 for 12.2.X version.

    For 12.1.3 it is under progress

    Regards

  • User_WJRXS
    User_WJRXS Posts: 2 Blue Ribbon

    Hi Vaishali,

    For 12.1.3 Can we expect the patch this week? or is there any delay?

    Thanks,

    Kirankumar

  • Vaishali -Oracle
    Vaishali -Oracle Posts: 10,041 Gold Crown - Community Leader

    Hi Vaishali,

    For 12.1.3 Can we expect the patch this week? or is there any delay?

    Thanks,

    Kirankumar

    Hi Kiran

    NO official ETA on the 12.1.3 patch yet. But it is expected to be released as of now on the Mid week of may


    Regards

  • User379414
    User379414 Posts: 21 Green Ribbon

    Hi Vaishali

    Good day

    Any updates on the IFRS 16 Accounting Patch for R12.1.3? Kindly let us know when you have updates on the same.

    Appreciate your help as always.

    Thanks

    Saurabh

  • Vaishali -Oracle
    Vaishali -Oracle Posts: 10,041 Gold Crown - Community Leader

    Hi Saurabh

    Unfortunately the answer is NO. I will keep you posted once it is released


    Regards

  • User379414
    User379414 Posts: 21 Green Ribbon

    Hi Saurabh

    Unfortunately the answer is NO. I will keep you posted once it is released


    Regards

    Hi Vaishali

    Thanks. We were under the impression that this Patch will be available by Mid May or May end. But now I see that there is no estimated timeline at all. Is it so?

    Regards

    Saurabh

  • Vaishali -Oracle
    Vaishali -Oracle Posts: 10,041 Gold Crown - Community Leader

    Hi Vaishali

    Thanks. We were under the impression that this Patch will be available by Mid May or May end. But now I see that there is no estimated timeline at all. Is it so?

    Regards

    Saurabh

    Hi Saurabh

    The patch is under QA now. WIll be released once it is done.


    I will keep you posted once it is released


    Regards

  • Vaishali -Oracle
    Vaishali -Oracle Posts: 10,041 Gold Crown - Community Leader

    Hi All

    IFRS Phase 2 patch for 12.1.3 is released.

    The patch number is - 27606088:R12.PN.B

    Regards

    Vaishali

  • User379414
    User379414 Posts: 21 Green Ribbon

    Hi All

    IFRS Phase 2 patch for 12.1.3 is released.

    The patch number is - 27606088:R12.PN.B

    Regards

    Vaishali

    Thanks Vaishali. We have applied patch in our Test instances. However are facing challenges with the solution provided by Oracle and its applicability to the Client requirements.

  • Vaishali -Oracle
    Vaishali -Oracle Posts: 10,041 Gold Crown - Community Leader

    Hi

    can you please let me know what is the problem you are facing ?

    Please create an SR and share the SR number

    Regards

  • OPM
    OPM Posts: 74 Blue Ribbon

    Hi Vaishali,

    I have applied patch in test instance but I don't see any new fields or check box related to ROU. My expectation is once the patch is applied fields must be visible. Please correct me if am wrong.

    Thanks,
    kavya

  • Vaishali -Oracle
    Vaishali -Oracle Posts: 10,041 Gold Crown - Community Leader

    Hi kavya

    yes. Once the IFRS patch is applied, when you try to create a new lease these fields should be visible / available in lease work bench.

    If that is not appearing, looks like some patch application issue. Try applying the patch once again and log an SR if you still have the issue

    Regards

  • OPM
    OPM Posts: 74 Blue Ribbon

    Hi Vaishali,

    I have tried to recompile the forms provided in the patch and now am able to see the fields, but I don't see the values in the fields like accounting option, rate index etc. Is there any setups need to be done to see the values?

    Thanks,

    Kavya

  • Vaishali -Oracle
    Vaishali -Oracle Posts: 10,041 Gold Crown - Community Leader

    Hi Kavya

    Accounting option should automatically have the LOV value and there is no need to do any setup for the same

    For the interest index, yes you need to define the index interest against the OU for which you are creating a lease  and then only it will appear in the LOV


    Regards

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