Lease accounting and lease management designed for the banking sector
Managing your banking lease portfolio
Whether its leases for retail space, ATMs, corporate offices, fleets of vehicles or office equipment, in our experience banks have a large and often complex asset and property portfolio. We know how important it is to manage your portfolio as closely as possible – especially when it comes to making informed decisions around growing your business.
With leases, sub-leases and other agreements stored in all manner of places, it can be difficult, if not impossible, to produce accurate, useful, consolidated reports on your banking property and asset portfolio and to management them efficiently.
Changes to lease accounting – IFRS 16
If lease management wasn’t challenging enough, the banking sector is faced with the adoption of IFRS 16, the new lease accounting standard – effective 1 January 2019, which could make leases the most material item on your balance sheet.
The new requirements will directly impact the financial performance and value of your company so it’s essential you get it right. We expect you to see an increase in recognised assets and liabilities, more leases recognised in earlier periods of a lease and less in later periods, a shift in lease expense classification and amortisation, and an increase in net debt/EBITA ratios.
Given the complexity involved, we recommend you invest in a lease management and lease accounting platform that is IFRS 16 compliant.
Nomos One can help
Nomos One is the complete, cloud-based, lease management and lease accounting software solution for the management of leases, sub-leases, licences, sub-licenses, easements, grants, resource consents and general contracts.
With our software, you’ll benefit from automated calculations, a clear simple dashboard, event reminders, intuitive workflow, custom reports and fields, and the ability to automatically generate legal documents.
Our robustly tested IFRS 16 module automatically calculates right-of-use assets and lease liability and generates journals, depreciation and interest schedules, giving you complete confidence in your IFRS 16 compliance.