New lease accounting standards go into effect in 2019. In order to be compliant on time, companies need to fully understand the business and IT challenges. The new global standard requires customers to manage their leases as assets on the balance sheet. Since these customers will need to plan lease accounting projects and adopt compliant accounting software, it is advantageous to start in 2017.

Virtually all customers are impacted by this change. Customers using Real Estate Management (REM) – both lessors and lessees – will need enhancements to REM to manage new types of leases.

What can you do now to prepare for these changes?

• Review the JD Edwards Lease Accounting Statement of Direction 2017 document provided by Oracle
• Attend the upcoming Oracle Advisor Webcast: The New Lease Accounting Standard – What This Means to JD Edwards Customers (February 15, 2017 | 11am EST)
• Get involved with the Oracle Real Estate Users Group (OREUG) to share knowledge and network with other Real Estate customers.
• Take a look at conference presentations from COLLABORATE 16, INFOCUS 16 and SXW 16. (Conference presentations are a paid member benefit – contact engagement@questdirect.org for more information)
  • New Lease Accounting Standards – FASB and IASB
  • All You Need to Know About the New Revenue Recognition Standard: ASC 606/IFRS 15
  • Is Your Company Prepared for the Upcoming Revenue Recognition Changes?

   

• Watch for even more education for Real Estate users at INFOCUS and COLLABORATE!
• For even more information about JD Edwards and how to take advantage of JD Edwards updates and functionalities, come to our Oracle COLLABORATE conference, COLLABORATE 18.