24B: Property and Equipment Leases for Japanese GAAP (Doc ID 3017406.1)

Last updated on APRIL 24, 2024

Applies to:

Goal

Maintain lease contracts in a single repository and generate amortization schedules according to the Japanese GAAP. Once a contract is defined, Lease Accounting provides touchless capabilities to manage and process leases.

The booking process generates transactions for initiating the right-of-use asset and lease liability balances for expense leases. The lease accruals process periodically generates transactions for the lease liability expense and right-of-use amortization, which reduces the initial liability and right-of-use asset balances. For revenue operating leases, the lease accruals process generates transactions to recognize revenue evenly over the revenue recognition term.

Generating accounting in the primary ledger under the Japanese GAAP, and in the secondary ledger under another GAAP, ASC 842 or IFRS 16, is available for multinational organizations.

Configure lease system options to define Japanese GAAP as the primary or secondary accounting standard.

Solution

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