Bloomberg Tax, Deloitte to Host May 7 Conference on New Credit Loss Standards

Washington, D.C. Event to Feature Keynote Interviews with FASB’s Hal Schroeder and Congressman Blaine Luetkemeyer (R-MO)

Arlington, Va. (April 29, 2019) — Bloomberg Tax and Deloitte will host Financial Instruments: The Way Forward, a one-day conference to help companies navigate the new ASC 326 credit loss standard and respond to the new hedge accounting standard ASU 2017-12. Registration for this complimentary event, which takes place from 8:00 a.m. to 4:30 p.m. on Tuesday, May 7 at Washington, D.C.’s Newseum, is available at https://www.bna.com/bloomberg-tax-the-way-forward/.

A vast array of cross sector, publicly traded companies that hold financial assets such as trade and loan receivables will have to report on estimated expected credit losses when the credit loss standard goes into effect for fiscal years beginning after December 31, 2019. To help attendees interpret and better prepare for the upcoming adoption of ASC 326, the event convenes leaders from corporations, government agencies, and accounting and law firms for their insights and perspectives.

Keynote interviews will be conducted with Congressman Blaine Luetkemeyer (R-MO) and Harold Schroeder, a member of the Financial Accounting Standards Board, which crafted the standards. The agenda will cover a range of topics including implementation challenges and processes, the standard’s economic impact, and potential changes to ASC 326 from the FASB.

“The Way Forward will provide a 360-degree view of credit losses from a variety of angles including Congress, regulatory bodies, accounting firms, and corporations of all sizes, including financial institutions ranging from credit unions to the largest global banks,” said George Farrah, Vice President, Content and Analysis, Bloomberg Tax. “We’re excited to discuss everything from hands-on, practical implementation to ASC 326’s impact on markets, governance, and internal controls.”

The conference will include a panel discussion highlighting examples of business drivers behind the changes to the new hedge accounting standard, which promises to simplify accounting for many corporate risk mitigation strategies, and how companies are faring post-adoption.

“Hedging is a powerful risk management strategy that can reduce income statement volatility and mitigate financial risk. Historically, companies have often been hesitant to utilize hedge accounting because of the complexities,” said Jon Howard, Audit & Assurance National Office Accounting and Reporting Services senior consultation partner for financial instruments, Deloitte & Touche LLP. “The new standard removes many of these barriers making it much easier for companies to achieve hedge accounting while reducing the operational burden typically associated with hedge accounting.”

In addition to the keynote interviewees, featured speakers include:

• Linda Bergen, Director, Head of External Affairs and SEC Reporting, Citigroup
• Jason Brodmerkel, CPA, Accounting Standards, Depository and Lending Institutions, AICPA
• Frederick Cannon, Executive Vice President, Keefe, Bruyette & Woods
• Michael Gullette, Senior Vice President, Tax and Accounting, American Bankers Association
• Catherine Ide, Managing Director of Professional Practice and Member Services, Center for Audit Quality
• Catherine A. Lynch, Independent Trustee, Audit Committee member, BlackRock Fixed Income Funds board
• Masha Muzyka, Senior Director, Moody’s Analytics