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  • Revenue Recognition: Performance Obligation Pass a Hurdle

    - by Theresa Hickman
    I met up with Seamus Moran, our resident accounting expert, to get his thoughts about the latest happenings with IFRS. Last week, on March 13,  the comment period on the FASB and IASB exposure draft “Revenue From Contracts with Customers” closed.  FASB and IASB have just over 20 comment letters – a very small number.  The implication is that that the exposure draft does reflect general acceptance, and therefore will be published as both a US and Internationally Generally Accepted Accounting Standard. At a recent conference call, FASB and IASB expected to complete their report to both Boards on the comments by early summer, complete their deliberation of the comments by the fall and draft the final standard text by late this year. It is assumed the concept of Performance Obligations would become US GAAP and IFRS in place of the existing standards.  They confirmed that all existing US GAAP and IFRS guidelines would be withdrawn, and that they were in dialogue with the SEC on withdrawing the SEC guidelines on the revenue issue as well.The open question is when will Performance Obligations become effective?  The Boards have said that they would like this Revenue Recognition standard and the the Lease Accounting standard to be effective at the same time because what isn’t either insurance, interest, or a lease is a revenue arrangement.  However, ascertaining what is generally acceptable in respect of Leases is proving a little elusive, and the Boards have recently diverged a little on the P&L side of the accounting (although both are in agreement that there will be no off-balance sheet leases).  It is therefore likely that the Lease standard might be delayed. One wonders if the Boards will  define effectivity of the Revenue standard independently of the Lease standard or if they will stick with their resolve to make them co-effective.  The Boards have also said that neither standard will be effective before June 2015.Here is the gist of the new Revenue Recognition principle and the steps to apply it:Recognize revenue to depict the transfer of goods or services in an amount that reflects the consideration expected to be entitled in exchange for those goods and services.Steps to apply the core principles: Identify the contract with the customer Identify the separate performance obligations Determine the transaction price Allocate the the transaction price Recognize Revenue when a performance obligation is satisfied  

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  • Don't Miss The OpenWorld Session: The Impact of the Upcoming Revenue Recognition and Lease Accounting Changes

    - by Theresa Hickman
    Would you like to learn more about Revenue Recognition and Leases Accounting changes from subject matter experts? Would you like to better prepare your organization for the upcoming changes? If yes, then it's not too late to register for OpenWorld 2012 and meet Christopher Smith and Ashima Jain from PwC as well as our resident accounting expert, Seamus Moran, who will be presenting at Session 9462: The Impact of the Upcoming Revenue Recognition and Lease Accounting Changes. Here are the details about this session: Date: Oct. 1, 2012  Time: 10:45-11:45 a.m Place: Moscone West Room 2005 Abstract: With the new revenue recognition rules expected to be issued this year and the lease accounting rules expected to be issued next year—both expected to be applied retroactively—businesses all around the world face many changes until the effective date of these proposed standards. In this session, learn from PricewaterhouseCoopers on the potential impact on accounting, processes, and systems and hear from Oracle about the proposed updates to Oracle E-Business Suite to assist you in assessing the impact on existing contracts, technology, and processes.

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  • Seven Accounting Changes for 2010

    - by Theresa Hickman
    I read a very interesting article called Seven Accounting Changes That Will Affect Your 2010 Annual Report from SmartPros that nicely summarized how 2010 annual financial statements will be impacted.  Here’s a Reader’s Digest version of the changes: 1.  Changes to revenue recognition if you sell bundled products with multiple deliverables: Old Rule: You needed to objectively establish the “fair value” of each bundled item. So if you sold a dishwasher plus installation and could not establish the fair value of the installation, you might have to delay recognizing revenue of the dishwasher days or weeks later until it was installed. New Rule (ASU 2009-13): “Objective” proof of each service or good is no longer required; you can simply estimate the selling price of the installation and warranty. So the dishwasher vendor can recognize the dishwasher revenue immediately at the point of sale without waiting a few weeks for the installation. Then they can recognize the estimated value of the installation after it is complete. 2.  Changes to revenue recognition for devices with embedded software: Old Rule: Hardware devices with embedded software, such as the iPhone, had to follow stringent software revrec rules. This forced Apple to recognize iPhone revenues over two years, the period of time that software updates were provided. New Rule (ASU 2009-14): Software revrec rules no longer apply to these devices with embedded software; these devices can now follow ASU 2009-13. This allows vendors, such as Apple, to recognize revenue sooner. 3.  Fair value disclosures: Companies (both public and private) now need to spend extra time gathering, summarizing, and disclosing information about items measured at fair value, such as significant transfers in and out of Level 1(quoted market price), Level 2 (valuation based on observable markets), and Level 3 (valuations based on internal information). 4.  Consolidation of variable interest entities (a.k.a special purpose entities): Consolidation rules for variable interest entities now require a qualitative, not quantitative, analysis to determine the primary beneficiary. Instead of simply looking at the percentage of voting interests, the primary beneficiary could have less than the majority interests as long as it has the power to direct the activities and absorb any losses.  5.  XBRL: Starting in June 2011, all U.S. public companies are required to file financial statements to the SEC using XBRL. Note: Oracle supports XBRL reporting. 6.  Non-GAAP financial disclosures: Companies that report non-GAAP measures of performance, such as EBITDA in SEC filings, have more flexibility.  The new interpretations can be found here: http://www.sec.gov/divisions/corpfin/guidance/nongaapinterp.htm.  7.  Loss contingencies disclosures: Companies should expect additional scrutiny of their loss disclosures, such as those from litigation losses, in their annual financial statements. The SEC wants more disclosures about loss contingencies sooner instead of after the cases are settled.

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  • New Fusion Applications YouTube Channel

    - by Theresa Hickman
    Oracle just launched a new YouTube channel on Fusion Aplications. This is the launch of the new "Faces of Fusion" series. In the latest video, meet Aaron Green one of the key innovators behind Oracle Fusion Applications who has invested his passion and creativity to deliver the best possible HCM solution to the market and is thrilled to see customers liking the solution as much as he does.

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  • The Lease Standard Train is Back on Track

    - by Theresa Hickman
    As I was walking to the elevator, I ran into Seamus Moran, our resident accounting expert. Me: “Hi Seamus, where have you been? You don’t write, you don’t call, and you don’t send me flowers. I’ve been hearing more and more about the Lease Accounting topic. It looks like Congress is weighing in on it too and putting heat on FASB. According to a recent article in Reuters  “representatives Brad Sherman, a Democrat, and Republican John Campbell, have written to the U.S. Financial Accounting Standards Board warning of dire economic fallout from a plan to have companies put leases on their balance sheets." Here’s what Seamus had to say: Yes, but there have been some recent developments. The FASB and IASB cleared a logjam, resolved a final “content of the standard” issue, and articulated a way to move forward on Leases last Wednesday.  It looks like the Lease Standard Train is back on track.   We’ve just had a briefing from PwC. The Lease timeline now looks like this: Now to June 2012: The staff will write up the decisions June 2012: Boards will meet on “logistical” issues (glossed over) Oct, Nov, most likely December 2012: A New Lease Exposure Draft will be crafted January – April 2013: Public Comment period begins April to September 2013: Everyone to digest the comments and draft the final standard End of 2013 (Probably more like Early 2014): Publish the new Lease Accounting Standards 2015: Retroactive reporting 2017: New standard is effective It seems that leases under one year will be treated as “rent expense”. If it doesn’t cross two (annual) balance sheets, it doesn’t really matter. This is good news in terms of clarity, resolution, and moving forward on one of the last remaining items to converge the IFRS and U.S. GAAP standards. There are ambiguities, issues, concerns, et cetera, of course, and there are bright lines (“rules”) that bother the “no rules, please” people and ambiguities (“judgments”) that bother the “clarity, please” people, but at least the train isn’t falling off the tracks.  

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  • Announcing Fusion Applications Training through 2012

    - by Theresa Hickman
    The schedule for Fusion Applications courses is now available! You can get training on the various Fusion Applications, such as CRM, Procurement, HCM, and Financials, just to name a few. Courses will run until the end of 2012 in multiple locales, such as Bangalore, India, Chicago, IL, and Belmont, CA! Please visit http://education.oracle.com/fusionapps for full schedule and course details.

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  • View the Replay of Fusion Applications - Financials Highlights Lunchtime Webinar

    - by Theresa Hickman
    If you missed the free one hour Webinar and training on Feb. 28 that I blogged about in a previous blog post, you can view the replay at your convenience. Fusion Applications – Financials Highlights URL: http://education.oracle.com/education/downloads/Fusion_Financials_LVCRecording/ If it asks you for a code, enter E1049. For those of you who pre-registered for this Webinar but due to the timezone difference could not attend, you should have also received an email from Oracle University with a link to the replay. Enjoy!  

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  • Announcing the Fusion Applications Blog

    - by Theresa Hickman
    Want to learn more about Oracle's next generation applications, Fusion Applications, from key executives, strategy and development leaders? We have a Fusion Applications blog. Steve Miranda, Senior Vice President, Applications Development of Oracle kicks off the Fusion Applications blog series @blogs.oracle.com/applications. Content will vary; some content will be applicable to all Fusion Applications families, and some will focus on a particular family (HCM, CRM, Financials, etc.) You can also follow them on Facebook www.facebook.com/OracleApps.

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  • Goodbye, Estonian Kroon. Hello, euro!

    - by Theresa Hickman
    Happy New Year! As of the stroke of midnight on 1/1/11, Estonia became a member of the Euro zone. Keeping consistent with the #1 theme, they're the first former Soviet bloc country to do so. With a population of only 1.34M (wouldn't it have been ironic if their population was 1.11M?), Estonia is one of the least-populated countries in Europe to join the European Union. Its currency, the Estonian Kroon was converted at its fixed rate of 15.6466 Kroons to the Euro. Some of its neighbors, such as Lithuania and Latvia, also hope to join the Euro zone soon, but who knows now that there is so much turmoil.

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  • April 11: Live Webcast for Oracle Configuration Controls Governor (CCG) for PeopleSoft 9.1

    - by Theresa Hickman
    Are you a PeopleSoft 9.1 Financials, HCM, or Campus Solutions customer who would like to know how you can automatically track changes to key configurations of these applications? With increasing regulatory requirements and the complex reporting required to meet these corporate compliance objectives, manual tracking of changes is not the ideal option and is prone to error and increased risk for fraud. Speakers from Oracle, Accenture & FulcrumWay will explain the business benefits of Oracle GRC change management solutions and present a business use case using a leading Healthcare company.  When: April 11, 2012 Time: 11:00 am (PST); 2:00pm (EST) Duration: 1 hr Register Now!

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  • looping through variable post vars and adding them to the database

    - by Neil Hickman
    I have been given the task of devising a custom forms manager that has a mysql backend. The problem I have now encountered after setting up all the front end, is how to process a form that is dynamic. For E.G Form one could contain 6 fields all with different name attributes in the input tag. Form two could contain 20 fields all with different name attributes in the input tag. How would i process the forms without using up oodles of resource.

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  • how to tackle a custom forms database

    - by Neil Hickman
    I'm currently researching a project for the place that I work in. We are trying to create a system that will allow forms to be set up dynamically from a database. My question is what database structure would best suit something like this? I currently have a structure of: forms_form forms_formfields forms_formdata I don't think this is the most appropriate layout for this. Basically to make is make sense I need to be able to make a form within the database that can have infinite fields all customized and have the data when submitted stored in the database.

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  • links for 2010-06-17

    - by Bob Rhubart
    Live Webcast: Alcatel-Lucent Delivers Modern Customer User Experience with New Interactive Portal Saeed Hosseiniyar (CIO of Alcatel-Lucent’s Enterprise Products Group) and Andy MacMillan  (VP of Product Management for Oracle’s Enterprise 2.0 Solutions) discuss how  Alcatel used Oracle’s Enterprise 2.0 solutions to build a community and  give customers a rich interactive experience. (tags: oracle otn webcast enterprise2.0) Up Next, More Browser Tools for WebCenter Sharing | The AppsLab On the heels of our bookmarklet for sharing to WebCenter, today we were designing another other way to help people interact with WebCenter from the browser (tags: ping.fm oracle e20) BPM 11gR1 now available on Amazon EC2 "This is a fully configured image which requires absolutely no installation and lets you get hands on experience with the software within minutes," says  Prasen Palvankar. "This image has all the required software installed and configured." (tags: oracle otn bpm amazon ec2) Webcast: Introducing Next-Generation Business Process Management Hasan Rizvi, Senior Vice President, Oracle Product Development, discusses innovations in Oracle's new BPM Suite 11g in this webcast. (tags: oracle otn webcast bpm) Tim Pinchetti: Architecture as a navigation system "Metaphors have value in communicating different aspects of architecture. So I’d like to explore different perspectives on architecture using different metaphors, starting with: navigation!" -- Tim Pinchetti  (tags: architecture enterprisearchitecture entarch) Oracle Fusion Middleware Innovation Awards 2010 Nominate your organization today for a chance to be recognized for your cutting-edge solution using Oracle Fusion Middleware products. (tags: oracle openworld fusionmiddleware innovation) Oracle OpenWorld Key Financials Sessions Theresa Hickman with highlights on the some of the 70 financial sessions scheduled for Oracle Open World,  crossing all the financials product lines: e-Business Suite, JD Edwards, PeopleSoft, and Fusion. (tags: oracle otn openworld financials) Liberate Your Laptops! The Return of Virtual Developer Day Details on the upcoming Oracle Technology Network Virtual Developer Day - Tuxedo. (English-language version scheduled for July 27th.)  (tags: oracle tuxedo virtualbox otn) Webcast: Effective Smart Data Grid Management David Haak (Accenture), Brad Williams (Oracle), and Chris Foretich (Southern) discuss the strategy behind and the application of smart data grid technology in this on-demand webcast.  (tags: ping.fm oracle bpm)

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  • Today's Links (6/24/2011)

    - by Bob Rhubart
    Fusion Applications - How we look at the near future | Domien Bolmers Bolmers recaps a Logica pow-wow around Fusion Applications. Who invented e-mail? | Nicholas Carr IT apparently does matter to Nicholas Carr as he shares links to Errol Morris's 5-part NYT series about the origins of email. David Sprott's Blog: Service Oriented Cloud (SOC) "Whilst all the really good Cloud environments are Service Oriented," says Sprott, "it’s very much the minority of consumer SaaS that is today." Fast, Faster, JRockit | René van Wijk Oracle ACE René van Wijk tells you "everything you ever wanted to know about the JRockit JVM, well quite a lot anyway." Creating an XML document based on my POJO domain model – how will JAXB help me? | Lucas Jellema "I thought that adding a few JAXB annotations to my existing POJO model would do the trick," says Jellema, "but no such luck." Announcing Oracle Environmental Accounting and Reporting | Theresa Hickman Oracle Environmental Accounting and Reporting is designed to help companies track and report greenhouse emissions. Yoga framework for REST-like partial resource access | William Vambenepe Vambenepe says: "A tweet by Stefan Tilkov brought Yoga to my attention, 'a framework for supporting REST-like URI requests with field selectors.'" InfoQ: Pragmatic Software Architecture and the Role of the Architect "Joe Wirtley introduces software architecture and the role of the architect in software development along with techniques, tips and resources to help one get started thinking as an architect."

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