Financial Instruments: The Way Forward

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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 loss model. 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.