If we want to get really into the technical the original...

If we want to get really into the technical the original standard and basis of conclusions back in 2009 actually specifically require debts acquired at deep discount to be measured at FVTPL because they couldnt be held to collect SPPI. The IASB actually much prefers FV from a conceptual standpoint. The standard setters later reneged on this point and removed the specific mention, leaving it to the preparer to apply the rules to their circumstances - no doubt from listening to industry participants. That's what PNC has effectively done. The reality is I don't think the difference makes much difference and have stated that numerous times over recent history. I have to say this set of events if fairly farcical when you read the lateness of the change in stance from PwC (or at least so it would read). I can almost guarantee there were some faceless "technical" people in a room over east or in London that required the opinion that was given - which ultimately says we haven't see enough evidence to support the view.