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.]
For TRIRIGA 10.5.2/3.5.2 OOB, there is an issue with the “Initial Liability Carryover” (ILC) field. In both operating leases and capital leases, when a value is entered in this field, the right of use (ROU) asset in the future accounting schedules is not reduced at Day 1 (against lease liability (LL) and initial direct costs (IDC)).
- What should happen: Day 1 ROU = Day 1 LL + IDC – Initial Liability Carryover.
- What is happening now: Day 1 ROU = Day 1 LL + IDC. (No ILC is applied.)
The balance in this ILC field should get pulled into the Day 1 ROU asset balance, and it currently does not. If this field is functioning per OOB, then we need to fix it. It is critical that the transition to the new accounting standards is calculated correctly.
The initial carryover balance (ICB) was not applied to new accounting schedules. Moving forward, if leases are created on or after the look-back period, the initial carryover balance will now be applied to operating leases and finance/capital leases.
[Admin: A similar article is also posted in the IBM TRIRIGA blog. This post is related to the 07.27.16 post by ValuD about handling GAAP and IFRS in TRIRIGA leases. To see other related posts, use the ROU tag.]
It looks like TRIRIGA 18.104.22.168 changed the way that reports are generated. After we enter a user filter and refresh, a very long URI is generated, which causes an error on the IBM HTTP Server: “Request-URI Too Large”. Previously, with an OOB query, the URL might look like: /html/en/default/reportTemplate/viewPageReport.jsp. But now, the URL is excessively long.
It looks like the filter details were sent in as headers to the server. But now, they are included in the URI. This is a major change for a fix pack and I believe that it shouldn’t have been included. This pretty much limits the number of columns and user filters that a report can have. Our environment is hosted by IBM and we don’t have access to the back-end server.
We will be addressing this issue in our next fix pack.
[Admin: This post is related to the 05.26.17 post about getting an error that the URL is too large for queries with filters. To see other related posts, use the Filter tag.]
We have a portal section that lists the saved “favourite” queries for a user. But when users save a new query, they need to manually refresh the portal or page before it appears. I know we can set a portal section “refresh” interval, but the users would like to see it refreshed as soon as they save the query. Is there a way to do this via workflow or other means?
TRIRIGA OOB has no option or mechanism in workflows to achieve this. As you mentioned, you could look at lowering the portal “refresh” interval, so it’s less of a problem. But ultimately, I’d train the users to click on the Home tab after a query change to force a refresh.
[Admin: This post is related to the 05.15.15 post about changing the portal section refresh time. To see other related posts, use the Refresh tag.]
I would like to know if TRIRIGA can manage document expiration, such as building registrations, fire regulations, or other documents that are related to specific due dates. I saw the “Location” (Building, Land) object > Assessment tab, but it seems that the “Regulatory” object can only manage inspection and opportunities for the specific location. And it seems the Document Manager only acts as a “repository”. Do you have any information about document expiration?
TRIRIGA OOB has no concept of document expiration, but it could be developed and implemented very easily. You could create a scheduled event, based on an expiration date for each document. When that scheduled event is triggered, a workflow could move the document to an expired state and send a notification.
[Admin: To see other related posts, use the Notifications tag.]
Here are several lists of reports delivered with the as-shipped TRIRIGA solution:
If you open up an out-of-the-box form and go to a locator field in the form, the query that is listed as a part of the field’s “Locator Query” properties may not appear when you click the picker and view the list of queries.
An example of this problem is seen in the triContract > triLeaseAbstract form’s triLocationLookupTX field. The query “Location – Find – Active Property, Building, Structure, and Retail Location or Lease” is listed as the locator query, but if you click the picker next to that field, you cannot actually select that query.
If we need to show all of the queries based on the module, then we need to check if the BO is the base BO, then ignore it and retrieve all of the queries based on the moduleId. Moving forward, we resolved an issue where the locator query against a base BO will now return all of the queries in that module.
[Admin: To see other related posts, use the Locator tag.]