NEW YORK, June 7 /PRNewswire/ -- Deloitte today announced it has enhanced its LDC Suite™ software to also help acquiring institutions in Federal Deposit Insurance Corporation-assisted transactions in meeting their loss share reporting requirements. The software was originally designed to assist banks, insurance companies and other financial institutions that purchase distressed debt with their accounting for loans and debt securities that fall within the scope of American Institute of Certified Public Accountants Statement of Position 03-3 (SOP 03-3), Accounting for Certain Loans or Debt Securities Acquired in a Transfer (as codified in ASC 310-30).
"We believe that having a common database platform to address these two challenging topics — loss share reporting and distressed debt accounting — creates efficiency and helps to reduce risk through data consistency and reduced system-to-system interfaces," said Hillel Caplan, partner, Deloitte & Touche LLP and leader of the LDC Suite practice.
"We have been providing a variety of software solutions to financial institutions around the world for more than two decades. Our deep experience with technology-based solutions, coupled with the specialized technical knowledge of our loss share reporting advisory team and accounting practitioners, allowed us to develop a unique product with significant value for the market," Caplan added.
Dennis Kiefer, director, Deloitte Financial Advisory Services LLP and leader of the loss share reporting advisory practice, added, "Clients using manual or ad-hoc processes for tracking and reporting information on acquired loans have found the administrative and compliance burdens to be significant. LDC Suite allows companies to keep their attention focused on the assets rather than the process."
LDC Suite is a SQL database application and is already licensed to companies throughout the United States.
More information about LDC Suite, as well as information about whether the software and/or related services are appropriate for an organization, may be obtained via a Deloitte representative.
"LDC Suite" is a trademark of Deloitte Development LLC, a subsidiary of Deloitte LLP, and is licensed to clients by Deloitte & Touche Products Company LLC, a subsidiary of Deloitte & Touche LLP.
As used in this document, "Deloitte" means Deloitte & Touche LLP, Deloitte Financial Advisory Services LLP and Deloitte Services LP, separate subsidiaries of Deloitte LLP. Please see www.deloitte.com/us/about for a detailed description of the legal structure of Deloitte LLP and its subsidiaries.