Quorum Announces New Release of Reserves and Economics Software to Support Government of Canada Income Tax Update
CALGARY, Alberta--(BUSINESS WIRE)--Feb 6, 2019--Quorum Software, the leader in digital transformation for the oil and gas industry, announced new functionality for its MOSAIC™ reserves and economics software to support proposed changes in the Government of Canada 2018 Fall Economic Statement. The Fall Economic Statement introduces the Accelerated Investment Incentive to encourage investment by businesses of all sizes and across all sectors of the economy. Updates to MOSAIC enable oil and gas companies to understand the implications of enacting the Incentive by running full-cycle economics on reserves and budgets.
The Incentive provides increased first-year capital cost allowance (CCA) deductions. Proposed changes will impact eligible property acquired after November 20, 2018, until the end of 2023, with a suspended half-year rule and a 1.5 multiplier of the first-year annual depreciation decline rate. Additionally, eligible property acquired between January 1, 2024, and the end of 2027, will continue to have the half-year rule suspended, but without the 1.5 multiplier of the first-year annual depreciation decline rate.
“We are committed to providing the fastest turnaround time on regulatory updates that impact our customers,” said John Pollock, MOSAIC Product Director at Quorum Software. “MOSAIC is first-to-market in delivering functionality to support the Incentive, which means our customers can work quickly to understand the impact of regulatory and compliance changes on their business, with minimal disruption.”
MOSAIC delivers insight with all-in-one reserves management, petroleum economics, budgeting, capital planning, and decline analysis. More than 100 upstream companies rely on MOSAIC, the only integrated reserves and economics software proven to outperform legacy systems in operational efficiency, risk reduction and time to value. The latest release of MOSAIC is available now. For more information on MOSAIC, visit quorumsoftware.com/products/reserves-and-economics.
About Quorum Software Quorum offers an industry-leading portfolio of finance, operations and accounting software that empowers energy companies of all sizes to conquer their most complex business challenges. From the field to the back office, defying complexity is coded in our DNA and our software. This unmatched experience is why Quorum is the choice of eight of the largest public energy companies worldwide, 75 percent of LNG exporters throughout North America and 80 percent of all natural gas processed in the United States. Designed for digital transformation, the myQuorum software platform delivers open standards, mobile-first design and cloud technologies to empower innovation at the speed of thought. At Quorum, we’re helping visionary leaders transform their business, and the energy industry, for a digital world. For more information, visit www.quorumsoftware.ca
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CONTACT: Lauren Kaufman
KEYWORD: NORTH AMERICA CANADA
INDUSTRY KEYWORD: ENERGY OIL/GAS TECHNOLOGY SOFTWARE PROFESSIONAL SERVICES ACCOUNTING FINANCE
SOURCE: Quorum Software
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PUB: 02/06/2019 10:00 AM/DISC: 02/06/2019 10:01 AM