Real estate is a big part of your retail business which means you need to closely manage your property portfolios to make informed strategic business decisions and gain approval from investors to help expand your retail business.
With the advent of new lease accounting standards reporting will be more comprehensive, onerous and complex. As leases, sub-leases, franchise agreements and other agreements often kept in fragmented filing systems it is often difficult to provide consolidated reports on property and asset portfolios. nomos one can help.
Our software solution consolidates your retail property and asset portfolio. 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 with experts stating retail will be significantly impacted by this change. Lessees are required to bring on balance sheet a lot of leases, which would have previously been held off the balance sheet under the old lease accounting standard.
Lease accounting is no longer a set and forget option. As a retailer, you will need to forecast all payments expected across the lifetime of your stores, account for any renewals, expected changes in rent, discount rates and more. New depreciation schedules have to be created to meet the requirements of this 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 now.
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.