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Quick Take – First Step – Identifying Your Leased Assets

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Preparing for the new Lease Accounting changes with PeopleSoft Lease Administration

In a previous blog I discussed the high level steps to prepare for the new lease accounting changes. In this blog I will be focusing on the first step, identifying your leased assets. The reason for the deeper dive on this step is that I have seen a common theme across several organizations: Leasing assets is highly decentralized and how the leased assets are being tracked is not the same across all departments. The visibility to the list of leased assets and the related liabilities is not always clear.

The entire process of moving to the new lease accounting standards will require planning, budgeting, modifying business processes, adapting to new software, etc. as outlined in my previous blog. A critical step that your organization can easily do is to build your list of leased assets now. Regardless of your organization’s overall approach, doing this step now will prevent any unnecessary delays once your overall transition plan is in place.

In its current state, your leased asset data is more than likely just focused on the information needed to support payments & invoices and not necessarily all the asset data that will be needed to support the new accounting standards. Pulling together a list of these assets will take some planning and effort; however, it should all be readily available. A first pass approach should be to pull together the list of information that is already being tracked. Then with a second pass, add the new information required for the accounting standards change.

A quick list of the new information needed will include:

Asset Classifications:

  • Ownership Transfer to Lessee (Y/N)
  • Purchase Option Reasonably Certain of Exercise (Y/N)
  • Highly Specialized Customer Specific Asset (Y/N)
  • Lease Term for Major Part of the Asset Useful Life (Y/N)
  • Lease Payments Substantially All Asset Fair Value (Y/N)

Financial Term Information:

  • Lease Start Date
  • Lease End Date
  • Initial Direct Costs
  • Lease Incentives
  • Lease Options
  • Rent vs Operating Expense (cost breakdown and implied interest rates for present value calculations)

Asset information:

  • Asset Profiles
  • Asset Category
  • Asset Fair Value at Lease Inception
  • Asset Fair Value at End of Lease
  • Guaranteed Residual Value
  • Estimated Asset Useful Life

In conclusion, this quick take and deeper dive for building your leased asset list should give your organization a solid jump start and this will ensure that your organization has the necessary data ready when you begin the transition to the new accounting standards.

Thank you for reading and be sure to read my other Lease Administration Blogs.

Steven Brenner, CPA
Senior Principal Consultant
MIPRO Consulting

eProcurement Enhancements to Fluid Requisitions in FSCM Image 24

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With the Selective Adoption approach that is being used with PeopleSoft 9.2, it is important to stay abreast of what new functionality is being delivered in each Image release and the Image 24 release is no exception!

The PeopleSoft Image 24 Fluid Requisitions have been improved to include new pages as well as enhancements to existing pages. In this new Image, you now have the ability to add comments and attachments at the Requisition Header, Line and Schedule levels upon checkout.

When submitting a requisition for checkout, you can use the new Save Confirmation page to review finalized requisition details that have been submitted for approval.

The new My Requisition page allows you to view a list of all of the requisitions that you have entered:

On this page, you also have the ability to perform the following:

  • Budget Check
  • Edit by adding adding/deleting lines as well as modifying quantities
  • Resubmit the requisition

Note: Budget checking is not available in this example as it is not currently enabled.

You also have the ability to review requisition details after clicking on the Requisition icon on the My Requisition page to review information such as Requisition Status, Requester, Item ID and Total Requisition Amount. Here you can review all the requisition lines corresponding to a particular requisition.

Feel free to reach out to us if you have any questions regarding the Image 24 enhancements to Fluid Requisitions.

 

Fluid Approvals – Image 23

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PeopleSoft continues to expand Fluid, especially the very valuable Fluid Approvals. In Image 23, the following Fluid Approvals enhancements were rolled out so here is a consolidated list from the Image 23 overview document. An additional six new Fluid Approvals transactions were added. Enhanced the Fluid user interface for approval of Travel Authorization, Cash Advance, […]

PeopleSoft Lease Administration Quick Take

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 A Few of My Favorite New Lease Administration Features Released in v9.2 PeopleSoft Lease Administration will soon be completing the final changes for ASC 842/IFRS 16 compliance and I will be covering that topic in later blogs. In the meantime, I would like to do a quick take and point out a few of my […]

New ASC 842 Leased Assets Federal Requirements – Are You Ready?

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How is your organization preparing for the upcoming Lease Accounting changes that will take effect in 2019 for public companies and in 2020 for private companies? The time is fast approaching and organizations will also need to restate prior year statements as well. Have you created a transition approach? PeopleSoft is well under way to […]

Who knew ERP would make it to the cool kids table?

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I came across this interesting article on LinkedIn. (Click here to read the article) A big benefit in the evolution of Oracle’s PeopleSoft ERP solution to v9.2 is that many of the cool aspects mentioned as cloud features in this article are actually available in the enterprise wide on-premise PeopleSoft solution too! Nice to have […]

HCM Self-Service Fluid Pages

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Can you believe the number of HCM Self-Service Fluid pages? 56 HCM Self-Service Fluid pages! These pages cover employee self-service for benefits, payroll, profile and manager self-service. The links below will take you directly to the PeopleBooks page describing the delivered content for HCM Self-Service Fluid Pages. Application / Product Fluid Page Classic Page (Replaced […]

Workforce Development Fluid Pages

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Today’s topic discusses Workforce Development Fluid Pages. This is a list of pages that managers can access from a single place in the PeopleSoft Fluid User Interface to work with documents. Below is a list of the delivered content for the Workforce Development Fluid Pages. The links will take you directly to the PeopleBooks page […]

Workforce Management Fluid Pages

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As promised, today we are continuing our Fluid information blogs – we will be giving you links for Workforce Management Fluid Pages. Below is a list of the delivered content for the Workforce Management Fluid Pages business process. The links will take you directly to the PeopleBooks page describing the content. Application / Product Fluid […]

HCM Fluid Pages

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Our blog today will cover the common HCM Fluid Pages. Many of these HCM Fluid Pages are about personalization but also include common Fluid Approval Pages. The common Fluid Pages are primarily self-service Homepages along with approvals. From here you will find the links to the HCM and FSCM delivered Fluid Homepages which is essentially […]

SRM and Supplier Contracts Fluid Pages

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The addition of these SRM and Supplier Contracts Fluid Pages, most recently in image 22, provides well-rounded Fluid capability for contracts in Supply Chain. Below is a list of the delivered SRM and Supplier Contracts Fluid pages. The links will take you directly to the PeopleBooks page describing the content. Application / Product Fluid Page […]

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