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.