SCOPE OF PROJECT
HNI looked to Elire to help them expertly navigate the new ASC 842 lease accounting standards required to comply with FASB reporting. Elire’s reputation among other lease accounting customers, and our strong ties with Oracle, allowed us to beat several “Big 4” firms to win the business.
Among the several challenges the Elire team faced was the relatively secluded location of HNI in Muscatine, Iowa. However, the real challenge was the fact that the Oracle Property Manager product was playing “catch-up” to be compliant and address the bugs associated with a product update. Elire staffed work with HNI and Oracle to address these issues and implement updates as fast as they were made available by Oracle.
The project was delivered in a timely manner and on budget. Elire was able to guide HNI with the implementation of the updated EBS Property Manager that included support for the new ASC 842 requirements. Due to the FASB deadlines for compliance, HNI had a very tight timeline for implementation. Elire was able to mobilize resources and work with Oracle on constant updates to the software to bring HNI into compliance on 01/01/2019!