How does TRIRIGA tackle 2019 lease accounting change implications?


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.]

Continue reading

Serraview: Can traditional IWMS handle the modern workplace?


Integrated Workplace Management Systems (IWMS) were developed in the ’90s to address the technical limitations of sharing data between multiple real estate and facility management teams. The benefit of IWMS was having a single system for managing the entire real estate portfolio lifecycle. Since these systems were designed for traditional office space, progressive companies are starting to doubt the ability of IWMS to support the transition to the modern workplace…

It is no secret that IWMS are cumbersome to use, which results in companies hiring high-priced consultants for implementations. Paired with its lack of features and flexibility, IWMS frequently exceed their original prices due to customization…

To combat these issues, progressive companies are leveraging (IWMS 2.0) best-of-breed space management technology to augment their existing investment in traditional IWMS to support their modern workplaces. Space management technology is able to address the new requirements of modern workplaces such as neighborhoods, seating ratios, real-time utilization, and highlighting the differences between actual usage of space and allocation of space.

To learn more about IWMS in the modern workplace, download our white paper: “Can Traditional IWMS Meet the Requirements of the Modern Workplace?”

[Admin: To see other related posts, use the Serraview tag or IWMS 2.0 tag.]

Continue reading

Verdantix: Employee-facing tech makes buzz at World Workplace


Verdantix attended IFMA’s World Workplace Europe conference on 31 May to 01 June. This major event for the facilities management sector had almost 400 attendees including facilities and workplace management professionals, service providers and technology companies.

So, what was the hot topic? One major theme of the event was how to connect people to the workplace using digital technologies. For example, we heard that facilities management firm ISS is piloting a digital concierge service which assists occupants in managing everyday tasks such as room booking or organizing catering. It is based on providing occupants self-service apps, as well as chatbots which simulate conversation to respond to worker requests.

Engaging occupants has become a hot theme across real estate, energy and facilities management software markets. For example, incorporating crowd-sourced insights on temperature preferences is gaining momentum in energy management applications, witness Energy Deck or Honeywell’s Vector Occupant App.

In the integrated workplace management system (IWMS) space, developing modules to engage everyday office workers has become a recent focus. For example, in May 2017, IWMS provider iOffice launched a set of employee experience solutions which can be layered on legacy IWMS solutions, to quickly make systems more employee-centric…

[Admin: This post is related to the 06.30.16 post about ISS and IBM transforming the management of 25,000 buildings. To see other related posts, use the Verdantix tag or iOffice tag.]

Continue reading

RedSys solves CRE management issues effectively with IBM TRIRIGA


[Google Translated from Russian]

IT solves real estate management issues effectively

Business-IT integrator RedSys jointly with IBM held a seminar on the topic “Managing commercial real estate: Experience and prospects for implementing IT solutions.” The event was organized by the association of the real estate market REPA in the format “Development Environment”…

To participate in the first session, RedSys, Knight Frank, RD Management, IBM, etc. were invited to present their experience in applying IT solutions to optimize business processes in real estate…

Within the framework of the sessions, a discussion was held on the impact of IT solutions on risks and profitability in managing the real estate object. Artem Myasnikov, director of the center for industry and business solutions at RedSys, says: “To increase manageability, reduce risks and optimize costs, are allowed by comprehensive management tools using advanced technologies, such as IBM TRIRIGA“…

[Admin: This post is related to the 03.02.17 post about TRIRIGA and RedSys offering ERP for commercial real estate. To see other related posts, use the RedSys tag.]

Continue reading

[Original Russian]

IT решает вопросы управления недвижимостью эффективно

бизнес-IT интегратор RedSys совместно с IBM провел семинар по теме «Управление коммерческой недвижимостью: опыт и перспективы внедрения IT-решений». Мероприятие организовано ассоциацией рынка недвижимости REPA в формате «Девелоперская среда»…

К участию в первой сессии были приглашены компании RedSys, Knight Frank, RD Management, IBM и др., дабы представить свой опыт применения IT-решений для оптимизации бизнес-процессов в сфере недвижимости…

В рамках сессий развернулась дискуссия на тему влияния IT-решений на риски и доходность при управлении объектом недвижимости. Как утверждает директор центра отраслевых и бизнес-решений RedSys Артем Мясников: «Повысить управляемость, снизить риски и оптимизировать затраты позволяют комплексные инструменты управления с применением передовых технологий, в частности таких как IBM Tririga»…

Continue reading

ValuD: How can IBM TRIRIGA IWMS help your retail business?


Did you know the following?

  • Store leases comprise 10% of total business costs in the retail industry.
  • The number of online shoppers will increase from 1.5 billion in 2016 to 2 billion by 2019.
  • At least 100 million customers are expected to shop in augmented reality by 2020.

IBM TRIRIGA provides a robust platform to manage the entire store lifecycle process and takes your real estate operational processes and workflow to the next level. It provides financial analysis and evaluation of your real estate transactions by evaluating and comparing site locations across geographies.

IBM TRIRIGA is a single technology platform and database repository with automated process workflows, pre-built performance metrics, and environmental and energy management functionality. The solution drives a three-fold value proposition to improve financial, operational, and environmental performance.

You can use IBM TRIRIGA for:

  • Consolidating historical RE databases and spreadsheets into one integrated system.
  • Improving lease accounting and administration.
  • Capital program planning.
  • Retail site selection.
  • Performance analysis.
  • Business Intelligence…

[Admin: This post is related to the 06.07.17 post by ValuD about IWMS in higher education, and the 06.14.17 post by ValuD about space as an asset. To see other related posts, use the ValuD tag or Retail tag.]

Continue reading

Verdantix: Who are benefiting from the changes in lease accounting?


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.]

Continue reading

IV96394: Revision to ROU asset when modifying “Finance” RE lease


When a “Finance” (or “Capital”) lease is modified, the new ROU asset balance should be calculated in the same way as future accounting “Operating” lease modifications, that is, the amount of change in the liability balance is added to (or subtracted from) the prior-period ROU asset balance immediately preceding the modification.

Note that this calculation should mirror the calculations that were implemented in TRIRIGA 10.5.2 for future “Operating” lease modifications. Currently, we see that the asset balance is set equal to the re-measured liability balance upon a modification.

Moving forward, when a “Finance” (or “Capital”) lease is modified, the new right-of-use (ROU) asset balance is now calculated correctly. The amount of change in the liability balance is added to (or subtracted from) the prior-period right-of-use (ROU) asset balance immediately preceding the modification.

[Admin: To see other related posts, use the ROU tag.]

Continue reading