Spectrum turns to dedicated hedge accounting platform

spectrum+has+turned+to+fincad+for+more+reliable+hedge+accounting 3497 800705593 0 0 14000633 300 Spectrum turns to dedicated hedge accounting platformLooking to improve its hedge accounting practices, Georgia-based manufacturing company Spectrum Brands has announced plans to upgrade to dedicated analytics software.

While derivatives play an important role in corporate risk management, they can only play it effectively if companies accurately determine the effectiveness of their hedging strategies. This requires a detailed analysis that can prove both challenging and time consuming.

The IFRS Foundation explains that hedge accounting generally requires two completely different, but equally difficult, analyses while still containing a large degree of inaccuracy.

To help reduce this load, Spectrum has turned to derivatives software firm FINCAD and its Hedge Accounting Insight software-as-a-service. This will bring the companies accounting from simple spreadsheets onto a dedicated platform that will allow for a unified analysis of all Spectrum’s risk management products.

“Hedge Accounting Insight ties together all of the analysis and reports needed for hedge accounting in a clear, concise package that is very easy to use,” John Beattie, vice president and Treasurer at Spectrum, said in a statement. “The detailed reports are complete, organized and intuitive, which is valuable to our auditors, making our audit process smoother and more efficient.”

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