It will affect this years and next years profits, but the point is that the accounting gain was recognised in the period subsequent to initial recognition. As PNC is not starting from day dot, most of the book will have a one off adjustment. In subsequent periods the only impact on NPAT will be the lack of the sugar hit from the FVTPL on newly acquired PDPs.
It seems to me like the whole issue is around the write down of assets, not what FY20s NPAT looks like. Those notes they have issues have a SDR of 70%.
Ann: Voluntary Suspension, page-23
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