Understanding Leased Assets
Beginning with PeopleSoft Image 27, PeopleSoft provides you with the ability to transition your leases to the new accounting standards ASC 842 and IFRS 16. Part of this transition includes the migration of Asset Management leases to the Lease Administration data structure. The migration establishes the sharing of leasing functionality between Asset Management and Lease Administration. There is no need to license Lease Administration to run the data migration and transition processes. However, certain components and functionality in Lease Administration will be hidden or unavailable unless you license Lease Administration. Customers licensed only for Asset Management will benefit from the features and functionality within Lease Administration that specifically address the core accounting requirements for payables leases (lessee agreements).
After migrating your Asset Management leases to Lease Administration, you can process information under the current accounting standard and then later transition to the new accounting standard closer to your organization's adoption date. You can also migrate your Asset Management leases to the Lease Administration data structure at your convenience. Because of functionality and page accessibility changes depending on whether you have migrated your leases, this topic is split into pre-migration and post-migration leased asset functionality.
For more information on lease migration, see:
PeopleSoft Lease Administration: Understanding the Data Migration and Transition Process