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Fixed Asset Treatment - Compliance with CIPFA's Financial Management Code

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Two key issues that prevented our organisation from progressing with the Oracle Fixed Assets module back in August 2022 were as follows:-

1.      The new template that we received from our Oracle consultant partners did not provide for Losses to the Income and Expenditure Account (this is in breach of CIPFA’s Financial Management Code (often referred to simply as The Code);

2.      The Code does not allow losses to be offset in the Revaluation Reserve, which appeared to be the default of this module. They require their own specific account.

Now that we are in October 2023, I would be keen to hear from Oracle if there is a satisfactory solution to these two points and also specifically from other public sector organisations in the UK, who have successfully implemented Oracle Fixed Assets as to how they have resolved the two points raised.

Thanks in advance for your feedback!

Best

Pamela M.

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