Update Image 27 completes PeopleSoft’s phased development approach for leasing. The first 3 phases were delivered in Update Images 10, 19, and 24, directly impacting Lease Administration customers only. With Phase 4, customers licensed only for PeopleSoft Asset Management are introduced to shared product functionality with PeopleSoft Lease Administration to enable the core accounting requirements for their payables leases (lessee agreements). Phase 4 includes new functionality for Asset Management and Lease Administration customers to transition to the new FASB and IASB leasing guidance.
A new activity guide steps Asset Management and Lease Administration customers through the tasks to prepare for, execute, and validate the migration of leases in Asset Management to a common, shared lease data structure in Lease Administration. It also serves as the central point for organizations to execute the tasks necessary to complete transition to the new accounting guidance.
For more information about the features and functions included in Asset Management’s shared product functionality with Lease Administration, please refer to the documentation. Also available in the documentation is a new section that provides more information about the new activity guide. Additional resources are available on the PeopleSoft Information Portal, including a link to view the Spotlight Video and Video Feature Overview. An Oracle Red Paper and FAQ document can be found on My Oracle Support Doc ID 2372739.1 - PeopleSoft Lease Administration: Transitioning to Lease Accounting Standards ASC 842 and IFRS 16 (PeopleSoft Update Image 27).