Lease Accounting

A fine-tuned approach that simplifies the lease compliance process.

The best indicator of true expertise is taking something complicated and bringing it down to earth. Quarem does just that for FASB and IFRS compliance. The platform creates complete accounting transparency by:

  • Securely capturing all the necessary data points and classifications 
  • Generating the required ROU and amortization tables
  • Recording all authorized user activity per the accounting guidelines for controls
  • Producing all journal entries over the term of the lease
  • Building detailed and customizable financial reports

Quarem FASB/IFRS Lease Accounting Features

The process starts with a simple checklist that helps users determine:

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    If an agreement is a lease
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    Lease classification – operating or finance 
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    Criteria for including lease options
  • Compliancy methods – IFRS & FASB

Full right of use (ROU) and comprehensive amortization tables that captures all of the require metrics including:

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  • 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

Detailed and fully customizable reporting supported by secure user access controls. Users can report on metrics like:

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    Lease Liability
  • Book Value
  • Interest
  • Balances
  • ROU depreciation
  • Payments
  • SL & Weighted average payments
  • Journal entries
  • Lease assumptions
  • Controls