Aircraft leasing, aeronautical and terminal side leases, among other agreements, can form a large part of your aviation business which means you need to ensure you manage your portfolio carefully to make informed strategic business decisions.
Leases, sub-leases and other agreements are often kept in different locations making it difficult to provide a consolidated report on your property and asset portfolios.
With the advent of the new lease accounting standards, reporting will be more comprehensive, onerous and complex. nomos one can help.
Our software solution consolidates your property and asset portfolio, and with automated calculations, reports and reminders we make audit compliance and lease management a breeze.
Are you ready for the new global lease accounting standard?
The International Financial Reporting Standards 16 – Leases (IFRS 16) applies to financial periods from 1 January 2019. If you are based in the US, then the new FASB lease accounting rules apply to fiscal periods beginning after 15 December 2018. It impacts on lessees all around the globe.
The new lease accounting standards require significant changes to lessee accounting. Lessees will have to bring on balance sheet a lot of leases, which would have previously been off balance sheet under the old lease accounting standard.
Lease accounting is no longer a set and forget option. You need to forecast all payments expected across the lifetime of your fleet, properties and other assets, account for any renewals, expected changes in lease agreements and discount rates. New depreciation schedules have to be created to meet the requirements of the new standard.
Fortunately, nomos one is well prepared for the new lease accounting standards. Industry leaders have worked with us to design a fully automated, audit compliant module which is available for demo.
On-boarding & support
When you join nomos one, you have the option to engage our on-boarding services. We have a legally trained team who work with you to bring all your agreements into the nomos one system on your behalf. We don’t want to leave you in the lurch so we also provide you with training and ongoing support.