A new paradigm, we said: this is how we see Oracle EPM Cloud applications from our experience in cloud projects.
Looking at FCCS, one of the strengths, compared to HFM on premise, is data integration.
FCCS can live between SDM (Supplemental Data Management) and FDM (Financial Data Management).
With SDM we can map a large number of attribute / text / descriptive informations to the measures or other dimensions of FCCS. We upload data with CSV files or SDM Web Forms. All FCCS metadata, which is the final information from Financial Close, has a drill-through to a large number of source related information.
With FDM we can map the statutory and managerial Financial Statements of FCCS to destination information, and thus make the data importable in other accounting and / or EPM systems, maintaining the detail of the FCCS source.
Here are some notes on today’s FCCS Workshop in Milan.
- Developed Demo Kit for Consolidated IFRS; further customizable and extendable in terms of functionality;
- Version “18-10” of FCCS arriving at the end of october, with two new Custom Dimensions;
- Oracle EPM Cloud Migration Accellerator (ECMA) for mapping and migrating application profile and metadata from HFM to FCCS;
- Wizard for Configurable consolidation Rules + Essbase Calculation Scripts + Member Formulas for calculation and consolidation management;
- Already on the market the FCCS Demo Kit for the management of the Leasing in principle IFRS16;
- EPRCS for Cloud Integrative Notes to the Financial Statements as an integral part of FCCS Reporting;
- Smart View for development and maintenance of dimensions (metadata);
- Reporting Web Studio for the realization of the package of input and consolidated reports;
- Automatic generation of Cash Flow statements on Account and Movements dimensions;
- Dashboards and Financial Close for CFO and controllers;
- Supplemental Data Management (SDM) for uploading and mapping attribute information on FCCS elements;
- EPM Automate for loading data from ERP Interfaces.
Starting date of IFRS 16: January 1, 2019: ends the distinction in terms of classification and accounting treatment, between operating leases and finance leases: the right to use the asset in leasing and the commitment assumed will emerge in the balance sheet in terms of assets and financial liabilities.
The potential of Oracle FCCS for the management of Leasing in principle IFRS16 are high.
The pre-configured application accelerator includes following components:
– Dimensions (metadata) for the master data of the Leasing contracts, the companies that are in charge of the contract, the time horizon of the contract, the measures (accounts) in input from the source systems, the measures (accounts) elaborated by the calculation engine of FCCS outgoing towards Reporting / CPM systems;
– SDM (Supplemental Data Management) a module for loading data into FCCS from source systems, and for managing the descriptive fields associated with each measure in FCCS and individual leasing contracts;
– Rules for the calculation of the impact of the adoption of IFRS16 on the income statement, Financial Position, financial covenants;
– Approval workflow management and data validation process per user;
– Excel SmartView reporting interface.
We think that, by developing our FCCS consolidation template we will find so many matches with ESSBASE functionalities. And so, we try to report here.
Let’s talk about metadata development in FCCS: here we can use the IMPORT METADATA function, so we build a TXT file with the dimensions we want to import into the FCCS application; we will have a record header with the name of dimensions and the properties we want to upload: we can explicit as many properties as we need for each dimension; FCCS will set as “default” the missing properties in the TXT file. We manage the load option and field separator as in the Essbase Administration Console (EAS) when we manage the RULE FILE to import dimensions and property dimension from a TXT file or from a staging table into our DB. We manage the CLEAR MEMBER option, then we validate and import.
For data upload we build a TXT file made of our Periodic or YTD data values; we have the period, we have the measure with the amount, we have the Point of View for the data import and then we have the cube to be loaded. We set up the location from which to import the file, we set up a delimiter , an import mode, an accumulation type and a date format. This is very similar to the Essbase Data Load Rules, to load thousand of data records from a TXT file or from a database.
Always with reference to what we do in Essbase, both metadata and data management in FCCS includes these process steps:
- TXT model and creation, also from an excel file;
- First import and TXT validation (the same of Data Rule run in EAS);
- Adoption of the TXT as a template for the go live to import files with same format.
For more info email firstname.lastname@example.org
We have started developing our FCCS application for statutory consolidation.
We start from the multi-year experience in the implementation of ORACLE HFM and ESSBASE applications.
Learn more about FCCS features and functionalities: email email@example.com
We are just talking about pre-configured dimensions and hierarchies, but in FCCS Movement dimension was designed to facilitate the creation of Cash Flow Statement: Movement dimension members are appropriately grouped by Cash Flow sections: Operating Activities, Investing Activities, and Financing Activities. In addition, the FCCS_CashFlow hierarchy lays out the Cash Flow Statement design where more details and appropriate adjustments could be added. Each member of the FCCS_Movement hierarchy needs to be shared with FCCS_CashFlow. Also, movement members need to be assigned to the account dimension as in HFM with the Custom Top Member attribute.
Oracle Hyperion Financial Management (HFM) on premise application is based on 12 dimensions: Scenario; Year; Period; View; Entity; Value; Account; Intercompany partner; Custom1; Custom2; Custom3; Custom4. We can use more than 12 dimensions if we make applications with more than 4 Custom dimensions.
Oracle Financial Consolidation and Close Cloud Service (FCCS) starts with 13 dimensions: Scenario; Year; Period; View; Consolidation; Datasource; Currency; Entity; Account; Movement; Intercompany partner; Custom1; Custom2.
FCCS “Consolidation” dimension recalls the old HFM “Value” dimension which means how data go up from my local currency balances to the contribution to a Consolidation Node. FCCS “Datasource” dimension recalls the old HFM “Nature” dimension: we can upload data manually or from TXT or from FdmEE, we can make adjustments in Local or consolidation currency, Fccs performs intercompany eliminations during consolidation process: all these different “nature” of data entry and manual / automatic journals are mapped into the “DATASOURCE” FCCS dimension. FCCS “Movement” dimension recalls the old HFM “Flows” dimension: this shows for istance the info about a fixed asset Opening Balance, an Acquisition, a Disposal and all the movements useful to the Note to Financial Statements.