Effortless IFRS 16 lease accounting and lease management
Nomos One delivers a leading lease accounting software that can help you achieve IFRS 16 (AASB 16) compliance, streamlines the transition and reporting process, and is trusted by expert chartered accountants and auditors internationally.
We’ve worked with chartered accountants who live and breathe IFRS 16 to design a world-class compliant module that’s been tested against over 1,000 scenarios provided by global accounting firms. Auditors worldwide introduce Nomos One to their clients, and you’ll soon see why – when it comes to IFRS 16, we have you covered with our lease accounting software solutions.
Nomos One lease accounting software assists both your accounting team and property management team to manage large and complex leasing portfolios. Investing in lease accounting software can help your business to streamline and better manage lease portfolios.
Nomos One is a comprehensive, cloud-based, lease management and lease accounting software solution that is designed to accommodate a large range of leased assets, including those commonly used within the various sectors. This is the lease accounting and management software your business needs to ensure the efficient management of leases, sub-leases, licences, sub-licenses, easements, grants, resource consents and general contracts.
Nomos One offers our clients substantial benefits that will save your business time and effort. Our lease accounting software offers advantageous features for many banking businesses, including automated calculations, a coherent and straightforward dashboard, event reminders, a user-friendly workflow, custom reports and fields, and the ability to automatically generate lease documents.
Our robustly tested IFRS 16 modules automatically calculate right-of-use assets and lease liability and generates journals, and depreciation. We understand that IFRS 16 compliance is complex but with our automated reporting, your management teams can divert their attention from compliance to more important matters.
IFRS 16 TRANSITION MODULE
Our world class IFRS 16 module supports all three transition approaches.
We make it easy for you to select one of the modified approaches on a lease-by-lease basis.
Our intuitive wizard guides you through the transition process, so you can be assured you haven’t overlooked any requirements of the standard.
- Walk through the transition requirements
- Discount rates (at transition & commencement)
- Ability to select one of the modified approaches on a lease-by-lease basis
- Generates reports that compare financial impacts under all transition methods
IFRS 16 lease accounting guides
IFRS 16 CALCULATIONS
Easily save discount rates, rent increases, future payments, make-good payments and incentives against your portfolio. Create asset classes and apply bulk settings across agreements with similar characteristics. Automatically calculate right-of-use assets and lease liability across your portfolio.
IFRS 16 Initial Measurement
- Automatically calculates PVFMLP
- Anticipated number of renewals
- Provisions for purchase options, termination
payments & residual value guarantees
- Short term & low value exemptions
- Revaluation of leases below fair value (eg, peppercorn leases)
- Provisions for restoration costs (eg, make good provisions)
- Allows capitalisation of direct costs
IFRS 16 Subsequent Measurement
- Automatically revalued lease liability & ROU asset
- Supports all subsequent ROU measurement options
- Cost less depreciation
- Fair Value under IAS 16 & IAS 40
- Asset note carried at fair value (eg, peppercorn leases)
- Variation and modification accounting (changes in assumptions)
ASX 20 listed financial services company
“With Nomos One, we have great visibility and insight across our lease portfolio. The system is highly intuitive and has saved our team significant time, money and stress.
We were very impressed with the level of professionalism and attention to detail throughout the onboarding and review process. The Nomos One team took time to understand exactly how our portfolio was structured, what information was important to capture and then ensured the system was tailored to suit our needs.
Even within the first couple of months using Nomos One, the system identified major cost saving opportunities for our business which paid for the system many times over. The highly automated system has helped us reduce our risk profile and work more efficiently.”
IFRS 16 REPORTING, JOURNALS & DISCLOSURES
Generate draft balance sheets, depreciation and interest schedules and journals that can be easily exported and uploaded to your general ledger.
Save assumptions and calculations at different points-in-time, and easily compare periods against each other.
Create graphs and interactive reports that make complex calculations easy for your stakeholders to understand.
- Journal entries
- Complete history of a lease
- Custom period reporting including monthly and 4-4-5 reporting
- Draft balance sheets
- Sub-leased agreements that are classified as finance leases
- Breakout non-lease components
- Variable lease payments capture
- Business combinations
What is lease accounting?
Lease accounting is a financial accumulation and reporting of an organisation’s leasing activities and information. The two most common leases in accounting are operating and financing (capital lease) leases.
What is lease accounting software?
Lease accounting software is a tool that empowers enterprises to manage their lease portfolio more effectively. Lease accounting software is designed to centralise information and effectively automate previously manual administrative tasks. Lease accounting software ensures that businesses comply with lease and accounting regulations.
Nomos One and other reputable lease accounting software reduces financial risk associated with lease portfolios by integrating with your current accounting software and ensuring critical milestones are complied with. The software eliminates the requirement for paper trails, and most quality software will set reminders for the business’ upcoming financial milestones to ensure that critical dates are never overlooked.
What is IFRS 16?
IFRS 16 (or known as AASB 16) is an accounting standard that requires a lessees and lessors to recognise the assets and liabilities contained when taking on a lease contract for an extended period (more than one year). IFRS 16 reports details of lease transactions and provides financial information of such leasing arrangements.
Who needs lease accounting software?
Essentially, lease accounting software is designed to meet the needs of finance teams, accountants, auditors and property managers.
Lease accounting software solutions may be necessary for anyone who has to manage leasing activities, the financial impacts of leasing, and comply with lease accounting standards. This includes property investors, tenants, leasers, real estate agents, small business owners and accountants.
Both tenants and the lessor can utilise lease accounting software to manage all types of real estate assets. Quality, reliable and advanced lease accounting software has become crucial in recent times for both lessee and lessors to ensure compliance with ever-evolving lease specific accounting and depreciation standards.
What is the best lease accounting software?
We may be biased; however, we vehemently believe that Nomos One encompasses everything that the best lease accounting software embodies.
Nomos One presents a trustworthy, effortless lease accounting software solution. Ideal for property, equipment, vehicles and all other types of assets, Nomos One is the best lease accounting solution because it is advanced, customisable, flexible and reliable. With Nomos One, you are offered critical date alerts, equipment lease management, amortisation schedule, capitalisation reporting, and the ability to adapt the software to meet your lease accounting circumstances’ unique demands.
If you want to learn more about our leading lease accounting software solutions, do not hesitate to contact our friendly team. Nomos One is designed to simplify and streamline laborious administrative processes – from our software solutions to our exceptional customer service; we’re here to ensure your experience meets and exceeds all expectations. Request a demo today.
EXPLORE OUR OTHER FEATURES AND SERVICES
Event tracking, automated reminders, custom fields and reports, a personalised dashboard and compliance wizard will transform the way you manage your portfolio.
Unlimited storage and custom fields and reports make Nomos One the perfect place to store all of your lease agreements and general contracts.
Our team of experts will extract, analyse, enter and review all of your information. Then we’ll structure your portfolio so it works the way you need it to.