I found two “ghost” entries for (blank) lease records in TRIRIGA without any Status recorded or ID assigned. When I open the record, I can still see the “Create Draft” button on the record. Has anyone seen this situation?
Typically, these are records that were deleted by some process, but have not been fully removed by the Cleanup Agent yet. Usually, the application filters these out of the query views, but sometimes, for various reasons, they show up in queries as a blank row.
KPMG Spectrum’s “Leasing Tool” embeds the firm’s accounting expertise into innovative digital compliance platform
A deadline is looming for companies to comply with new Lease Accounting Standards. The changes introduced by the Financial Accounting Standards Board will require companies to account for most operating leases on their balance sheets as early as January 1, 2019. The new rules will have a significant impact on any business that has commercial leases. Yet, findings from a KPMG survey suggest that companies are vastly underprepared. Of the companies surveyed, 92 percent say they will need to implement a new IT system but 81 percent say they haven’t started.
Businesses are running out of time, but KPMG has created an innovative solution. The KPMG Leasing Tool for IBM TRIRIGA (KPMG Leasing Tool) helps organizations efficiently prepare for and adopt a longstanding system to comply with the new leases standards…
[Admin: This post is related to the 08.12.15 post about the KPMG Leasing Tool for IBM TRIRIGA.]
It is important to note that public companies must include at least 3 years of information in their financial statements to meet the new FASB leasing standards. That means, if your organization has a substantial lease portfolio, you will need to effectively transition your accounting process in 2016 itself to become fully compliant by 2019, which is when the FASB leasing standards are set to apply…
As can be seen from the process overview, implementation of a new lease accounting software comes with its own share of operational challenges, not to mention the vast amount of time involved. It’s estimated that the entire process — from data gathering to deployment — might take as many as 24 months, thereby making the choice of a lease accounting system all the more significant right now. It’s also incredibly important that you find a trustworthy implementation team who can help spearhead the complex task and usher your organization toward FASB compliance.
At ValuD, our team has worked with multiple clients to prepare them for the shift in lease accounting standards. We fully believe that the industry-leading IBM TRIRIGA can provide the perfect solution for all matters related to FASB compliance. Our experts at ValuD are ready to help you through the entire process and ensure that you are on track for your FASB compliance goals…
Non-admin users that are in a group with full access to a lease are finding that sometimes they are able to view the “Download” option for documents present in a service contract’s “Notes & Documents” tab, but not other times. The problem seems to be a result of the User Permission and Group Permission sections in the “Permissions” tab of the document being missing for downloads. Once user and group information for security group access is added, the “Download” option becomes available.
This problem appears when you have at least 2 non-admin users, both in a group with full access to lease. If user #1 uploads a document to the lease and user #2 opens the lease and wants to download it, user #2 can’t since no “Download” link is present. When document permissions are examined, user #2 has no access to the download option.
As a temporary fix, modify the document’s “Permissions” tab and provide download access at the user and/or group level to the user that is unable to download… A new property ENABLE_AUTO_DOWNLOAD_ON_DOCUMENT_PREVIEW has been added to TRIRIGAWEB.properties. This property enables or disables the legacy auto-download behavior on the document record preview tab. With it enabled, it will bypass the download permission in Document Manager, and the preview tab will behave as it did before.
[Admin: This post is related to the 10.24.15 post about skipping the Notes & Documents login credentials.]
When the first lease payment date is prior to 1970, the generation of the schedules will cause records to be generated well beyond the number of expected records as well as creating duplicates.
As a temporary fix, create individual payment records for those dates prior to 1970. Note that this can be quite cumbersome if the legacy lease dates are significantly further back in time than 1970. We needed to check if the date is the smallest allowed in SQL Server, “01/01/1753”. Oracle and DB2 allow dates as small as 01/01/0001. Moving forward, we fixed a long-standing issue when creating leases with dates prior to 1970.
1. OSCRE-compliant templates to accelerate loading of lease information
In the interim, companies offering IWMS have shaken out and there has been a movement towards standardization. The Open Standard Consortium for Real Estate (OSCRE) promises to deliver global standards for exchanging electronic real property information and drive their adoption. The interoperability and standardization of these systems is gradually coming to fruition…
2. Site selection and scenario modeling to increase return on assets
Everything—including site selection, construction, lease negotiations and finance—can be managed with the IBM solution. With the IBM lease accounting solution, companies can achieve their goal of keeping costs lean, while complying with far-reaching regulatory changes of FASB. IBM TRIRIGA eliminates the spreadsheet-based processes and automates the latest FASB reporting requirements…
3. Financial assumption management and auditable lease accounting
Real estate costs represent a top-four cost for most organizations, and rental costs typically constitute the greatest portion of these. In many instances, however, landlords fail to comply with lease terms, and overcharge for maintenance, utility and other expenses. Through automated tracking and notification of significant dates, and the validation of invoices against contract terms, IBM TRIRIGA streamlines lease renewals and avoids erroneous over-payments to unlock significant cost reductions and increase effectiveness of lease administration…
The IFRS Foundation is inviting people to test their knowledge of IFRS Standards and their use around the world, today releasing an updated version of the popular online IFRS Quiz.
The quiz is based on the 2016 Pocket Guide to IFRS Standards: the global financial reporting language. It provides students, educators and other interested parties with a free-of-charge resource to assess their knowledge of IFRS Standards, the IFRS Foundation structure, and the standard-setting process.
First launched in 2014, the quiz is available in both English and Spanish and has been taken more than 45,000 times. The updated version has been revised to include, among other things, the requirements of new and amended IFRS Standards such as IFRS 15 Revenue from Contracts with Customers and IFRS 16 Leases.
The IFRS Quiz is available here.