Changes to lease accounting standards
The new IFRS 16 Leases standard – applicable for financial periods from 1 January 2019 – brings with it a number of new challenges for accounting departments. Nomos One’s IFRS 16 lease accounting module will help to ensure you meet all of the new requirements while making the transition as easy as possible.
Fully integrated IFRS 16/ASC 842 module
We’ve spent the last year working with chartered accountants and financial experts who live and breathe IFRS 16 to design a fully integrated IFRS 16 compliant module that encompasses all criteria. It’s intuitive, flexible, customisable and generates all of the relevant outputs.
Because Nomos One combines both lease management and lease accounting functionality in a single system, we find our clients can better manage risk and work more effectively.
What is IFRS 16?
Need a bit more info about IFRS 16 before seeing how we can help you? We’ve got you covered.
Save IFRS 16 data against your portfolio
Easily save IFRS 16 data against your portfolio, including discount rates, forecast rent increases, future payments, make-good dates, incentives and more.
Create asset classes to apply bulk settings across groups of assets, properties or agreements with similar attributes.
Once populated, Nomos One will automatically calculate right-of-use asset and lease liability figures across your portfolio
Reports identifying interest, payments and other key figures can be displayed, giving you insight to calculations.
View depreciation schedules by agreement, a group of agreements or across the entire portfolio.
Graphs and interactive reports make understanding the complex calculations easy for your wider stakeholders.
Nomos One provides optional access to your auditors to check underlying assumptions and accuracy of output without disrupting your business.
Read-only access ensures that they can see what they need to, without the worry of editing or deleting important data.
Generate draft balance sheet impact & journals
The system generates draft balance sheet impact and journals that can be easily exported to your ERP/financial system.
Our time machine functionality saves assumptions and calculations at different points-in-time, allowing you to easily compare periods against each other.
Lease management and lease accounting software in one
Because Nomos One is a lease management and lease accounting software in one, your team will get all the additional benefits of a lease administration software.
The system notifies your team of approaching critical dates, generates powerful reports across your portfolio and acts as a document repository for all your agreements.