The final leg of the “new GAAP” – ASC 326 on credit losses – is nearly here with an effective date of less than a year away for public entities. With it comes a new era of credit measurement, transitioning from an incurred to an expected credit lossmodel. This accounting change will require estimating expected credit losses, reporting those losses upfront, and adjusting them over the life of the loan.
Across industries, many publicly traded companies that hold financial assets such as trade and loan receivables will likely see an impact. They will need to assess and implement the standard, coordinate with auditors, draft disclosures, revise financial credit loss models, and onboard new technologies. Companies are also responding to the new hedge accounting standard ASC 815, which promises to simplify accounting and refine corporate risk strategy.
Join Bloomberg Tax and Deloitte for Financial Instruments: The Way Forward, convening chief financial officers, controllers, financial accountants, auditors, analysts, and other accounting professionals, for a discussion on how to respond to these new standards.
Navigant's Paul Noring will participate in the 1:15 pm Disclosure Requirements panel discussion. The panel explores the quantitative and qualitative data companies must disclose, SEC expectations, and whether investors may be expecting more than the standard requires. Hear corporate, auditor, and analyst expectations for quality credit loss disclosures.
- Michael Gullette, Vice President, Accounting & Financial Management, American Bankers Association
- Masha Muzyka, Risk and Accounting Solutions Team Lead, Moody's Analytics
- Paul A. Noring, Managing Director, Navigant Consulting
- Amanda Iacone, Adit and Accounting Reporter, Bloomberg Tax (moderator)
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