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New software reflects Deloitte's continued focus on providing solutions to the financial services industry; LDC Suite accounting software also renamed to Solvas|LDC
NEW YORK, June 27, 2014 /PRNewswire/ -- Today, Deloitte announced the release of Solvas|TDR, the latest addition to its Solvas™ family of software solutions. The software is designed to assist banks and credit unions in accounting for troubled debt restructurings (TDRs) under ASC 310-40 (formerly FAS 15).
In conjunction with the release of Solvas|TDR, Deloitte also announced the rebranding of its venerable LDC Suite software under the name "Solvas|LDC." Solvas|LDC is designed to assist financial institutions in accounting for acquired loans under ASC 310-30 (formerly SOP 03-3) and ASC 310-20 (formerly FAS 91), as well as support loss-share reporting and related indemnification asset accounting.
"The introduction of Solvas|TDR reflects our continued focus on the needs of our clients. Solvas|TDR is designed not only to assist with accounting, impairment measurement, reporting, and footnote disclosures related to TDRs, but also with the initial identification of loan modifications and the classification of modifications as TDRs based on user-configurable logic that can be aligned with an institution's accounting policy to identify situations where a concession has been granted due to borrower difficulty," said Hillel Caplan, partner, Deloitte & Touche LLP, and leader for the Solvas family of software solutions. Caplan also co-leads Deloitte's structured finance and accounting software practice.
"Solvas|TDR is designed to support the warehousing of high-volumes of loan data from a client's servicing systems in order to facilitate the ongoing identification of loan modifications, and the TDR classification process for the lifecycle of the loan," explained Eric Benson, senior manager, Deloitte & Touche LLP, and Solvas|TDR senior project manager.
"As is the case with our other existing products, we will offer Solvas|TDR via two different delivery methods: on premise installation on our clients' servers; and a hosted option in a state-of-the-art data center with a geographically diversified disaster recovery site," added Caplan.
Deloitte now offers the following products and services under the Solvas banner:
For additional information about the Solvas family of software solutions as well as other products and services from Deloitte's Financial Technology practice, please visit www.deloitte.com/us/financialtechnology.
Solvas ™, Solvas|Accounting ™, Solvas|Agent™, Solvas|Compliance™, Solvas|LDC™, Solvas|PoP ™, Solvas|Portfolio™, Solvas|TDR™, Solvas|Hosting ™, Solvas|Data ™, and Financial Technology™ are trademarks of Deloitte Development LLC, a subsidiary of Deloitte LLP, and are licensed/provided to clients by Deloitte & Touche Products Company LLC, a subsidiary of Deloitte & Touche LLP.
As used in this document, "Deloitte" means Deloitte & Touche LLP, a separate subsidiary of Deloitte LLP. Please see www.deloitte.com/us/about for a detailed description of the legal structure of Deloitte LLP and its subsidiaries. Certain products and services may not be available to attest clients under the rules and regulations of public accounting.
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