From Batman and Robin to Sherlock and Watson, the world has witnessed some iconic duos. Now, there's a new partnership revolutionising the world of IFRS 16 compliance: Lease Management and Lease Accounting.
IFRS 16 has significantly impacted both accountants and lease management professionals, transforming their responsibilities and requiring closer collaboration. Below we explore how the Nomos One software solution can help bridge the gap between these two teams and achieve their individual goals while streamlining IFRS 16 compliance.
A new era for lease management and lease accounting
IFRS 16 has placed substantial responsibility on accountants to ensure the accurate calculation and reporting of rights of use and lease liabilities.
However, many are now realising that IFRS 16 compliance requires teamwork and collaboration with their lease management colleagues. Lease management teams, in turn, must develop a deeper understanding of the accounting processes involved and consider how their decisions impact accountants.
The importance of communication and collaboration
Effective communication between lease management and lease accounting teams is crucial for avoiding errors, adjustments, and complications during audits. Ensuring that lease accountants are informed of any changes to the original lease is essential for accurate disclosure preparation and reporting.
This collaboration enables lease managers to make informed operational decisions while keeping lease accountants up to date.
Introducing Nomos One: The software that unites teams
Nomos One is a comprehensive software solution designed to unite lease managers and lease accountants, facilitating seamless collaboration and IFRS 16 compliance. The platform enables data-driven decision making and simultaneously updates lease accountants, ensuring all information is centralised and accessible.
Our expert support team can also guide lease management professionals through IFRS 16, helping them understand how their actions affect lease accounting. Meanwhile, lease accountants can rely on Nomos One to provide a centralised hub for all lease-related documentation, making audits a breeze.
