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

About Bloomberg Tax

Bloomberg Tax provides comprehensive global research, news, and technology services enabling tax professionals to get the timely, accurate, and in-depth information they need to plan and comply with confidence. Our flagship Bloomberg Tax platform combines the proven expertise and perspectives of leading tax practitioners in our renowned Tax Management Portfolios™ with integrated news from the industry-leading Daily Tax Report®, authoritative analysis and insights, primary sources, and time-saving practice tools. For more information, visit Bloomberg Tax & Accounting.

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About Deloitte
Deloitte provides industry-leading audit, consulting, tax and advisory services to many of the world’s most admired brands, including nearly 90 percent of the Fortune 500 and more than 5,000 private and middle market companies. Our people work across the industry sectors that drive and shape today’s marketplace to make an impact that matters — delivering measurable and lasting results that help reinforce public trust in our capital markets, inspire clients to see challenges as opportunities to transform and thrive, and help lead the way toward a stronger economy and a healthy society. Deloitte is proud to be part of the largest global professional services network serving our clients in the markets that are most important to them.

Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee (“DTTL”), its network of member firms, and their related entities. DTTL and each of its member firms are legally separate and independent entities. DTTL (also referred to as “Deloitte Global”) does not provide services to clients. In the United States, Deloitte refers to one or more of the US member firms of DTTL, their related entities that operate using the “Deloitte” name in the United States and their respective affiliates. Certain services may not be available to attest clients under the rules and regulations of public accounting. Please see www.deloitte.com/about to learn more about our global network of member firms.

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