Working in government departments has traditionally meant keeping everything, some files can date back decades. If you’re struggling to keep track of all your agreements or you find yourself struggling to bring together the information required to produce reports on your property and asset portfolios then struggle no more. Consolidate your leases, licences, easements, resource consents, grants, general contracts and any other agreement across your property and asset portfolio into nomos one. Go paper-free.
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.
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.
Do you need to be 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.
This new standard requires significant changes to lessee accounting and applies to government departments or agencies in some countries. As a lessee, you will have to bring on balance sheet many leases, which would have been off balance sheet under the previous accounting standard for leases.
Talk to your accounting advisor today to see if the new lease accounting standards apply to you.
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. Industry leaders have worked with us to design a fully automated, audit compliant module which is available for demo now.
We’ve taken the complexity out of the new lease accounting standard.
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.