March 19 – 23, 2017, MGM Grand & Mandalay Bay, Las Vegas, Nevada
IBM InterConnect is one of the largest events dedicated to Cloud, Internet of Things, and Watson. With over 25,000 attendees and 2000+ technical sessions, conducted by some of the most greatest and innovative minds in the business, InterConnect is the place to be to discover, learn and explore the best technology on the market.
As a premier business partner of IBM, ValuD will be participating as an IoT/Watson exhibitor and speaking at 3 breakout sessions including a joint session with IBM on lease accounting. You can find us at Booth 989 in the IoT/Watson section.
- Session ID: 2879: Directions in Real Estate and Facilities Management
- Session ID: 4471: TRIRIGA SaaS: Umpqua Bank’s Out-of-the-Box IWMS Implementation Story
- Session ID: 4424: How Do You Manage Lands in a Cloud?
[Admin: This post is related to the 03.15.17 post by ValuD about managing lands in a cloud (Utah Department of Natural Resources’ TRIRIGA SaaS implementation), the 03.08.17 post by ValuD about Umpqua Bank’s TRIRIGA SaaS implementation, and the 03.02.17 post about the InterConnect 2017 Bootcamp labs.]
We added a new currency and it is not working in production. However, when we copied the production database to a test environment, it does work.
A new currency was created “Serbian Dinar”. It was added to the UOM Values object and to the “Currency” list. The new currency was added to the real estate lease and the payment schedule with no issues. However, when payment schedules are generated and the payment line items are created, the triCurrencyUO field on the payment line item is blank and not updated from the payment schedule.
Clearing the TRIRIGA cache did not resolve this issue. The issue was resolved by restarting the application server.
There will be much change in lease accounting from 2019. From 1 January 2019, the Financial Accounting Standards Board (FASB) and the International Accounting Standard Board (IASB) will implement new standards, ASC 842 and IFRS 16 respectively. What actually is lease accounting? And what exactly is going to change?
What will change from 1 January 2019?
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 process was launched a few years ago by the FASB and the IASB, both of which are bodies with the authority to define standards that organisations have to adhere to.
In recent years, more than a thousand proposed amendments to these new standards have been proposed and this is why it has taken some time for the final versions to come into force. The result, however, is that the new standards have had good input from finance professionals. The outcome is that from 1 January 2019, publicly listed companies will have to list not just their lease contracts on the balance sheet, but also the way in which both the obligation to pay rent and “ownership” of the right to use the asset will be calculated and regularly reported…
[Admin: This post is related to the 03.09.17 post by Planon about the impact of the new standards on your business, and the 06.02.16 post about getting your leases in order. To see other related posts, use the FASB or IFRS tag.]
Tango announced today that they are the first vendor in the Lease Accounting space to receive independent verification from a top accounting firm that the lease accounting calculations in Tango’s solution are consistent with FASB Accounting Standards Codifications (ASC) 840 and 842, and International Accounting Standards Board’s IFRS 16, Leases…
Unlike other solutions in the marketplace that will require retrofitting to ensure compliance, Tango’s Lease Accounting functionality was built from the ground up to comply with these requirements…
Tango’s lease solution has gained significant traction in the market, and has already been selected by several global multi-brand retail clients across the grocery, pharmacy, apparel, home furnishings and specialty retail verticals. These global customers require compliance to both US and international standards, and unique to Tango’s review process was the inclusion of IFRS standards.
The independent review assessed how Tango’s solution treats common scenarios that impact compliance including data capture, the operating/finance classification test, detailed accounting schedules and journal entries for both FASB and IFRS considerations…
[Admin: To see other related posts, use the Tango tag.]
We are currently using TRIRIGA to track our real estate leasing and capital projects. Recently, we have had 2 of our member firms from 2 other countries show interest in following the same TRIRIGA practices with leasing and capital projects as we currently follow.
My question is: How best can we have the 2 countries use the same TRIRIGA product we have, but just have another instance, instead of using our instance of TRIRIGA? This way, we would have 2 different instances for both of the countries. Also, is it possible to have country-specific logins so that users from one country can get into only their country’s instance of TRIRIGA?
[Admin: This post is related to the 09.05.16 post about getting started with Portfolio data.]
If the year is abbreviated when adding lease payment schedules, TRIRIGA is not correctly recording the year. Instead, TRIRIGA is recording the year beginning with 2 zeros (for example, 0017 instead of 2017).
As we close out 2016, it’s exciting to look back and see the tremendous growth we’ve had this past year. From launching MobilD, the latest in IBM TRIRIGA mobility, to expanding our offerings with Maximo and the Internet of Things, we have strengthened our presence across the industry. Each milestone has been a part of ValuD’s long-term vision to expand our offerings beyond IBM TRIRIGA as we continue our journey to become the premier IBM partner offering IWMS, EAM and IoT solutions…
As we enter into 2017, we share our highlights from the past year:
The investment in Motors@Work: We began the year by venturing into the Internet of Things (IoT) – one of the hottest areas in the industry today. ValuD invested in Motors@Work LLC, a pioneer in motor and pump-driven system energy optimization and has provided product development, marketing and sales services. Motors@Work™ is a multi-tenant, SaaS solution that leverages Department of Energy best practices and patent-pending technology to optimize motors and pumps performance and helps customers save up to 30% in energy costs. With our December release, we have greatly increased the capabilities of the solution, including pre-built integrations with Maximo and the IBM Bluemix / Watson IoT platform…
We launched MobilD (Mobility Delivered), which was designed exclusively for IBM TRIRIGA. Developed by our in-house engineers at ValuD, MobilD bridges the gap between field work and desktop use with features like Self-Service Requests, Approvals and Work Order Management. We have already successfully deployed our mobility solution and welcome the opportunity to set up demos for you or your clients…
The growth of our educational offerings: ValuD has had an exceptional year with our educational initiatives with clients taking advantage of our training breadth. Some notable training clients include Pfizer, Johns Hopkins University-Applied Physics Lab, Flextronics, and Microsoft. Our new Lease Accounting course is in high demand. The two-day course is geared towards Lease Administrators and Lease Accountants who want to better understand and use the system given the new FASB standards. ValuD is looking forward to continuing its reputation in 2017 as the IBM TRIRIGA Training Academy with exciting new offerings on the horizon…