Webinar: Thursday, September 14, 2017, 12:00 PM – 1:00 PM Eastern Time
Join ValuD’s Lease Accounting expert team in their Sept 14th webcast for “Best Practices of Implementing TRIRIGA for FASB Compliance” and get prepared to meet your FASB compliance deadline. Register here.
[Admin: The same announcement is also posted in the LinkedIn group. To see other related posts, use the ValuD tag or FASB tag.]
Are you getting ready to address the implications of the new lease accounting changes with TRIRIGA? Although FASB’s ASC 842 and IASB’s IFRS 16 will take effect in 2019, many organizations are only now beginning to realize the amount of effort required to meet the new standards…
The biggest changes to businesses will be the new Right of Use (ROU) Assets and Lease Liabilities that will hit balance sheets, as well as the intensely manual approaches and effort that many see before them. How many organizations are leveraging Integrated Workplace Management Systems (IWMS) to manage their real-estate holdings and automate these manual efforts?…
In order to help organizations comply with the new standards, and understand the implications of these changes, TRIRIGA continues to deliver a single integrated workplace management system with new enhancements in the next release. TRIRIGA supports the lifecycle of facilities management and will automate compliance activities to address changes that affect multiple teams and roles.
Here’s how TRIRIGA can help:
- CFO and CAO: The release of IBM TRIRIGA 10.5.3 will provide a sub-ledger system for real estate and asset lease accounting that is able to generate journal entries out-of-the-box for ASC 840 and ASC 842 under US-GAAP as well as for IAS 17 and IFRS 16. It also covers period closings and report generation for the most common reports required under the new standards.
- Real Estate and Fixed Asset Managers: The release of IBM TRIRIGA 10.5.3 separates the duties of a lease administrator and a lease accountant, allowing the lease administrator to enter contractual information, and then enabling the lease accountant to run classification tests, reassess lease decisions, and report on the ROU Asset and Lease Liability.
- Facility Management, and Occupants: There are also new capabilities to improve day-to-day and occupancy experience. They can leverage a new Workplace Services offering that engages everyday employees through new mobile web apps that provide access to services managed by IBM TRIRIGA, anywhere, and on any device. This includes: a new Service Request app to submit work requests, a new Reservation app to quickly create reservations for individual workspaces or multi-attendee meeting rooms, and a new location-aware Workplace Services Portal to provide a single, unified access point for launching the apps and tracking status of requests…
[Admin: To see other related posts, use the FASB tag or IFRS tag.]
We are running TRIRIGA 18.104.22.168 platform and TRIRIGA 10.5 application. We have a requirement from our customer, for Sarbanes-Oxley (SOX) compliance reasons, that we need to change the “System” user password in TRIRIGA. We have done this in the past. However, the old option now appears to have become read-only, so we can’t do it the same way. Any ideas how we can update this password now?
Here are some things that might be preventing you from updating the password:
- 1. The logged-in user does not have security access to update the password, or a workflow has triggered on the record that has modified the metadata, and made the password fields or its section non-editable.
- 2. The record is in a state that only supports read-only actions. This makes the record non-editable.
- If you are logged in as Admin and cannot modify the password, I’d confirm that the System user is still part of the Admin group.
- If you are trying to change the System password as another user that is not an Admin, I would put that user in the Admin group temporarily to see if this gets past your issue.
- If you can confirm that a user in the Admin group cannot modify the record, I would look at workflows that are changing the metadata and the record state.
- If you cannot access the account as the System user, you can temporarily clear the System password to blank (null), so that you can login as Admin and reset the password. For example, via an update SQL script:
- update user_credentials set password = null where user_account = ‘system’.
[Admin: This post is related to the 04.18.16 post about resetting a user’s password as an administrator. To see other related posts, use the Password tag.]
In early 2016, the US Financial Accounting Standards Board (FASB) and the International Financial Accounting Standards Board (IASB) issued new lease standards, which require companies to include lease obligations in their balance sheets. The new standards take affect 1 January 2019 and will impact all companies that have leases for real estate or equipment and file financial statements…
For many years, IWMS software providers have provided real estate, leasing, and portfolio capabilities, which include modules that integrate details of leases and contracts with existing financial and accounting systems to provide a central database for real estate financial planning and analysis and to create the correct entries for the accounting system. The new FASB/IASB accounting standards bring the spotlight on the role of software in managing leases.
A review of the deals in the public domain shows that providers such as Accruent, Lucernex, and Qube are already swooping in on opportunities to help companies mitigate risk by ensuring compliance to these new leasing standards. In the last few months, Lucernex has announced several new contracts with retailers such as Bouclair, DXL, Bashas’ Family of Stores and Suburban Propane. Accruent has been selected by CTIL, Tillys and Sephora in just the last few weeks. We are also witnessing other IWMS vendors improving their capabilities for accurate lease calculations in accordance with the new lease accounting standards. For example, in April, Planon software received validation from a Big Four accounting firm that its leasing calculations engine was in accordance with the IASB/FASB requirements…
[Admin: This post is related to the 08.01.16 post about the competitors of IBM TRIRIGA. To see other related posts, use the FASB tag or IFRS tag.]
IV95219: Section 508 compliance for TRIRIGA login page
Visually impaired users dependent on Section 508 compliance to use TRIRIGA may run into a problem in the login page. They might have difficulty in navigating to enter the ID and Password.
IV95289: Section 508 compliance in Projects page
Keyboard access, style sheet dependence, language, page titles, and images for Section 508 compliance fail test on Projects tab.
IV95290: Section 508 compliance in My Reports page
Keyboard access, web forms have invalid HTML, web links, and user controls. Images have no description in plain text.
[Admin: This post is related to the 10.17.16 post about multiple APARs on Section 508 compliance.]
The new FASB/IASB leasing standards have created ripples in the facilities industry with companies scrambling to achieve compliance before the 2019 deadline. Unfortunately, many of the organizations who fall under this statute do not have a streamlined lease administration process… Accounting and consulting firms have leveraged their technical expertise to guide companies in their path forward.
One such global audit, tax, and advisory firm elected to develop and market a hosted lease management tool to aid their clients in achieving FASB/IASB compliance… The firm selected IBM TRIRIGA for its extensive out-of-the-box capabilities, but wanted to add validations like specifications for when to review assumptions and to ensure accountability of balance sheet accuracy. The firm wanted to leverage the enhanced functionalities of the IBM TRIRIGA Real Estate Manager and selected ValuD as their strategic partner for implementation and development…
The leasing tool had to be adaptable to include future enhancements and had be deployed seamlessly to the firm’s customers. As a result, a hosted delivery model was chosen to ensure customers were on the latest release… The lease accounting tool was one of the first to be launched in the market exclusively for leasing standard compliance. The firm attracted new clients which created a new revenue stream. The firm’s clients achieved statutory compliance, gained better control over their lease portfolio and process efficiency, and improved security with the hosted model…
[Admin: To see other related posts, use the ValuD tag.]
From 1 January 2019, the new lease accounting regulations from the Financial Accounting Standards Board (FASB) and the International Accounting Standard Board (IASB) will need to be implemented in order to comply with the new standards, ASC 842 and IFRS 16 respectively. In this blog, I will share with you the important lease accounting changes and relevant terminology.
With effect from 1 January 2019, publicly listed companies will be required to include on their balance sheets all leasing contracts with a contract term longer than one year. This is a measure against an offensive strategy of sell-and-lease-back, also known as off-balance financing. It implies that organisations can free up financing, as leased properties – in contrast to owned properties – are not required to be included on the balance sheet. This strategy was used by many corporates during the 1990s and early 2000s. The key objective of the new standards are to enhance financial transparency in lease accounting administration…
The Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB)… are convinced that actual lease liabilities should be reflected in a uniform way for readers of financial statements. Since 2006, FASB and IASB have been undertaking a review of their relevant lease-related chapters ASC 840 and IAS17 that cover lease accounting. By moving away from current accounting practice, financial transparency will be enhanced by showing off-balance lease financing, together with the related liabilities, on the balance sheet.
From 2019, the relevant compliance standards are ASC 842 (which replaces ASC 840) and IFRS 16 (which replaces IAS17). However, even though the new reporting requirements take effect from 2019, at that same time, organisations must comply retrospectively to ASC 842 and IFRS 16 for the years 2017 onwards. Therefore, it’s time to act now, as 2019 is fast approaching! In my next blog, I will elaborate on the steps that a Corporate Real Estate manager will have to take, working together with their CFO, in order to be ready in time for the new lease accounting regulations.
[Admin: This post is related to the 04.26.17 post by Planon about 3 steps to take to meet the 2019 deadline. To see other related posts, use the Planon tag.]