Deloitte US has enhanced its LDC Suite software to help institutions making acquisitions in Federal Deposit Insurance Corporation-assisted transactions meet their loss share reporting requirements.
Deloitte originally designed the LDC Suite software to assist 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, Accounting for Certain Loans or Debt Securities Acquired in a Transfer.
“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 Deloitte LDC Suite practice leader Hillel Caplan.
The LDC Suite is loan and debt security calculation software that uses a structured query language database application. It was originally based on Deloitte’s CDO Suite, which is the firm’s software system for collateralised debt obligations.