Revit models constructed for the purposes of fabrication, coordination and as-built conditions are typically not going to function well in a facilities environment if they are used “as is.” It’s important for AEC service providers and consultants to understand their customer needs. Chuck Mies from Autodesk sums this up best by posing the following three questions that you should be asking a building owner if they intend to use a Revit model for facilities management:
- Who on the facilities team is going to use the data?
- What data is going to be collected during the AEC process for future FM purposes, and how?
- How will it be maintained once operations begin?
By asking these questions and engaging a building owner you can have greater confidence that a Revit model turned over for the purposes of FM will be more successful and actually used during operations. I also recommend that you ask your customer to really think about what data is critical and who in their facilities team will be responsible for maintaining the information once the model is turned over. This will ensure that you don’t over model or provide excessive detail in equipment families that are not critical and will be difficult for a facilities team to maintain…
[Admin: To see other related posts, use the BIM tag or Revit tag.]
How do you use a report “User” filter based on the “Created Time” column on a DataConnect table report? When you try to set a “User” filter in a TRIRIGA report by using the Filter operator “Contains” or “Equal”, it does not work. The field seems to be encoded in the timestamp, but it is displayed in text such as “10/05/2017”.
Is there a way to use the column so the end user filter on the value gets only the records created in September (“09/2017”)? Unfortunately, the general system information with the type “System Read Only” does not seem to be a date. So operators like “More Than/Equals” or “Less Than/Equals” are not available.
[Admin: To see other related posts, use the Filter tag or Date tag.]
Around the world, changes to the way we manage and measure facilities performance continue to place an onus on real estate executives. They must understand their holdings, and make more strategic decisions with regard to their overall portfolio. These decisions are influenced by many factors, particularly the impact of leases on the balance sheet and operations and maintenance costs. IBM continues to invest in our intelligent buildings platform, IBM TRIRIGA, to help our clients tackle the various changes occurring…
IBM TRIRIGA helps reduce the effort to meet new leasing standards
We want to help organizations comply with the new standards and understand the implications of these changes. IBM TRIRIGA supports the complete lifecycle of facilities management and will automate compliance activities to address changes that affect multiple teams and roles…
IBM TRIRIGA helps improve occupancy experience
There are also new capabilities to improve day-to-day and occupancy experience. Organizations can leverage a new Workplace Services offering that engages every-day employees through new mobile web apps that provide access to services managed by IBM TRIRIGA, anywhere, and on any device…
IBM TRIRIGA provides a new design to better engage users
Decisions are only as good as the data that supports them. Optimizing native data sets and interfaces, and managing the process of collecting and contextualizing external data, is critical. New capabilities focus on enhancing the IBM TRIRIGA Application Platform. This is the foundation for the various views and capabilities of the IBM TRIRIGA suite…
Applying condition-based maintenance with IBM TRIRIGA helps to assess a facility’s or an asset’s performance, capture its lifecycle costs, and to identify necessary repairs and replacements. An integrated set of performance metrics of a facility’s condition is needed to predict when to repurpose, or renovate structures.
Building operations and maintenance managers are primarily responsible for assessing the condition of building components like roofs, air conditioning, walls, electrical, and communications. Forecasting facility conditions and predicting repairs before failure occurs, results in cost reduction. IBM TRIRIGA automates demand and preventive maintenance services to reduce the cost of maintenance operations.
TRIRIGA’s facilities and operations manager is an intense CMMS that enables organizations to manage their building assets and facilities over their lifecycle in order to reduce maintenance expenses. It provides condition-based facility assessments that help you to prioritize the areas for capital improvement and assists you in extending the life of your facilities and facility assets.
Condition-based maintenance features of IBM TRIRIGA
- Improves the value and environmental performance of facility assets through the capture and classification of facility, building system and asset deficiencies…
- Evaluates the required investment, energy and operating cost savings, and return on investment of each opportunity…
- Automates the generation of work requests and capital projects to manage the remediation of deficiencies or implementation of environmental opportunities…
[Admin: This post is related to the 03.30.15 post about facility condition assessments (FCA). To see other related posts, use the ValuD tag.]
If you look at the query “triFiscalLineItem – Display – Likely Term Type B – Associated To Current Record” in TRIRIGA 10.5.2, it is based on the [triCostItem] triFiscalLineItem BO and the [triCostItem] triLeaseFiscalLineItem form.
However, the report uses the triSLAssetValueNU (straight line) field for asset value (for Operating leases), while the form uses the triAssetValueNU field for asset value (for Capital/Finance leases). Which is correct? Shouldn’t both of these values be working from the same field? Or is one field calculated based on the other?
Both of these fields represent asset value for the new accounting standards (FASB ASC 842). The asset value for Operating or Finance is dependent on depreciation (amortization which is calculated differently for Operating and Finance classifications.) Hence, they are represented by 2 different asset value fields:
- The triSLAssetValueNU field is used to store the value for Operating leases. (The field for Operating is represented with “SL” or straight-line.)
- The triAssetValueNU field is used to store the value for Finance leases. (Small Correction: The term “Capital” is not applicable in ASC 842 guidelines.)
[Admin: To see other related posts, use the Straight Line tag or ASC 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 has now been well over a year since both the FASB and IFRS have finalized their guidance on the future of lease accounting which is effective beginning in 2019 for publicly traded companies. The tasks to move a company’s leases onto their balance sheet can be overwhelming, considering all the necessary steps to reach this goal. Fortunately, the lease classifications have not drastically changed.
US FASB (ASC) Topic 842
The US FASB (ASC) Topic 842 will continue to allow for lease classification as either “Operating” or “Finance” (previously considered “Capital” leases under Topic 840). However, a fifth criteria was added to the existing four possible criteria that could render a “Finance” classification. In addition, the prior bright lines from Topic 840 no longer exists. The new standard will require more judgement, but also allow more flexibility in the classification decision.
If any one of the five following criteria are met, a lease is considered a “Finance” lease. If none are met, the lease is considered an “Operating” lease:
- Ownership of the underlying asset transfers to the lessee by the end of the lease term.
- The lease continues a purchase option, which the lessee is reasonably certain to exercise.
- The lease term is for a major part of the remaining economic life of the underlying asset.
- The present value of the lease payments and any residual value guaranteed by the lessee is greater than or equal to substantially all the fair value of the asset.
- The asset is of such a specialized nature that it will not have an alternative use for the lessor at the end of the lease term…
No matter which lease classification is determined, both types of leases will require a right of use (ROU) asset and a corresponding lease liability (LL) to be calculated and presented on the balance sheet…
One of the major differences between US FASB Topic 842 and IFRS 16 is the classification of all leases under IFRS 16 as “Finance” leases. A lease classification test will not be the determining factor of whether a lease will be presented on the balance sheet. Instead, any lease contained in a contract must be reflected on the balance sheet as a financing arrangement…
[Admin: To see other related posts, use the FASB tag, IFRS tag, or ROU tag.]