Education facilities may have many different leases to manage and keep track of. Easily manage your leases, licences, easements, resource consents, grants, general contracts and any other agreement across your property and asset portfolio in Nomos One.
Automate critical date reminders and reporting. Split your portfolio by region, team, agreement type or entity to ensure the right people have the right access whenever they need it.
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 many leases, which would have been off balance sheet under the previous accounting standard for leases.
Lease accounting is no longer a set and forget option. 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. We have been working with industry leaders 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.