Update Image 24 introduces enhancements to PeopleSoft Lease Administration that enable the measurement and recognition of Payables Leases in accordance with the new FASB and IASB leasing guidance.
PeopleSoft’s development approach for lease accounting enhancements has been organized into 4 phases. The Update Image 24 enhancements represent Phase 3, which leverages the foundational Phase 1 and 2 enhancements delivered in Update Images 10 and 19, respectively.
The Phase 3 enhancements include the administration and accounting of multi-asset leases with classification determined at the asset level. Financial terms have been expanded to include more precise tracking of lease-related payments, such as initial direct costs, options, and lease incentives received. Also new is the allocation of lease payments across the underlying property and equipment assets in the lease. For an overview of the enhanced Payables Lease component in Update Image 24, please refer to the Video Feature Overview (VFO). Additional resources are available on the PeopleSoft Information Portal, including a link to view the Transfer of Information (TOI) recording. An Oracle Red Paper can be found on My Oracle Support under Document ID 2285541.1---PeopleSoft FSCM: Configuring Payables Leases in Lease Administration (PeopleSoft Update Image 24).
The final development phase, Phase 4, plans to address topics such as transition, and the migration of leases in Asset Management to a single data model in Lease Administration. Phase 4 intends to introduce those customers licensed only for Asset Management to some of the new features and functions for Payables Leases in Lease Administration. All enhancements are planned for 9.2 only.
The preceding is intended to outline our general product direction. It is intended for information purposes only, and may not be incorporated into any contract. It is not a commitment to deliver any material, code, or functionality, and should not be relied upon in making purchasing decisions. The development, release, and timing of any features or functionality described for Oracle’s products remains at the sole discretion of Oracle.