CCP has the same accounting policy as CLH. PNC carries at fair...

CCP has the same accounting policy as CLH. PNC carries at fair value. However given there is no exchange that quotes values for like assets, PNC would need to estimate fair value. The primary input in such an estimation (assuming a dcf model) would be cash flows and then discounting. Consequently the accounting policies are not as different as one might think. They all start with an asset at the purchase price and end with zero having all been expensed (as part of revenue). Thus they all have to take a bit of cost each year to match cash receipts and get from a to b. No doubt CCP doesn't want a nasty surprise and over time have amortised a bit faster leaving them in a position of easily meeting future earnings targets, CLH less so due to slower amortisation relative to cash receipts experience and PNC perhaps too early to tell...Due to the subjectivity amortisation can effectively be manipulated... Cash flows can not so easily, thus why I find a thorough analysis of cash flows critical as earnings (thus P/E, ROE ratios ect) can be manipulated. Obviously if purchases stop growing then too slow amortisation would likely catch up with you via a large revenue issue later (low cash collections high amortisation catch up required) but that could take a few years to play out. This could also buy time to correct the issue.

DYOR