From my perspective, the ultra-conservative nature of CCP's accounting inclines it to record losses as soon as it can, which often takes the form of impairing PDL assets as soon as possible, rather than spreading them over the lifetime of PDLs. CCP tends to not reverse impairments if it has over reacted to a problem. It simply lets the money flow in, and in effect revenue drops to the bottom line without effective PDL amortisation. Amortisation does not exist in the current accounting standards, but CCP has implemented the standards to mirror the earlier accounting system.
Some investors and analysts may not appreciate how much can be hidden by conservative accounting.
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