ASC 842 & IFRS 16 Lease Accounting Software

ASC 842 | IFRS 16

Your Path To Compliance Starts Here

When navigating something as substantial as ASC 842/IFRS 16 compliance, bells and whistles aren’t top of mind. You need a resource that can lay a solid foundation. Quarem has the module you need to get compliant and maintain the standards. 

Tired of navigating overwhelming systems?

Many organizations just need the meat and potatoes of compliance, not an entire lease accounting system. 

Not sure where to start?

In the midst of running a business, sometimes you don’t have time to navigate the overload of information out there. You need a tool that gets you to the finish line. 

Don’t have an organized income/expense schedule?

In order to get compliant, you have to get organized. That’s easier said than done, especially if you manage several leases. 

To start the process, the software guides you through the lease accounting set-up checklist.

In order to ensure accuracy when determining and classifying a lease, users are provided with helpful pop-up menus that direct them through the identification process. The set-up list captures essentials, such as:

Once you’ve created the income and expense schedule for the lifecycle of the lease in the lease abstract, the software calculates the ROU and generates the amortization table by capturing all required metrics. 

  • IBR
  • Term
  • Lease vs non-lease payments
  • Initial/fixed/variable lease payments
  • Fiscal Year
  • Compounding frequency & 360/365 convention
  • Lease option declaration & payments
  • Treatment of month-to-month lease payments
  • Index rates for variable payments
  • Lease modification events & re-measurement
Amortization 1000 2022

From there, you can generate and seamlessly organize the data into fully customizable reports. The scope of these reports can range from portfolio-wide to a single lease. Report metrics include:

  • Lease Liability
  • Book Value
  • Interest
  • Balances
  • ROU depreciation
  • Payments
  • SL & Weighted average payments
  • Journal entries
  • Lease assumptions
  • Controls
FASB Report 1000 2022b

Record all authorized user activity per the accounting guidelines

Easily keep track of the changes made to your data so you can remain transparent with your reporting

Produce all journal entries over the term of the lease

The software saves you time and prevents human error with automated calculations and journal entries

Covers both ASC 842 and IFRS 16 compliance 

Capture all specific fields and meet the requirements for both standards

Account for changes with Version Control 

We get it - things change. Version Control allows you to seamlessly make adjustments so you can ensure your reporting remains accurate

Get Started With Quarem

Less headaches. More Control.  A better way to manage your leases.

See Quarem in action.  Get a Demo >