ASC 842 | IFRS 16
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.
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
Frequently Asked Questions
Quarem is not accounting software. Quarem is Lease Management software that offers a tool to track ASC 842/IFRS 16 compliance. It provides all the essentials you need to ensure that you’re compliant, but doesn’t provide any accounting features beyond that.
If you’re looking for the meat and potatoes of ASC 842/IFRS 16 compliance, then we’ve got you covered. If you’re looking for all the accessories that come with accounting software, Quarem is not for you.
Lease compliance is a complex subject. Though we can provide guidance on how to best use the ASC 842/IFRS 16 feature in the software, we aren’t qualified to provide expert advice or counseling beyond that. It’s best to consult an accountant or other qualified professional when looking for guidance on how to handle FASB/IFRS compliance.