Please be aware that the information provided is a summary of select releases made to the ASX, as evaluated and interpreted by ASX Briefs. It is important to thoroughly read the entire original release before forming an opinion, rather than relying solely on the brief overview presented here. ASX Briefs is not associated with the ASX. ASX Briefs is an experimental AI project incorporating chatGPT, and as such, does not guarantee the accuracy of the information provided.
Cash Converters International Limited (ASX: CCV) is expecting to recognise a one-off, non-cash, pre-tax impairment charge in the range of $90 million to $110 million in their financial results for the half year ended 31 December 2022.
This anticipated impairment is due to Federal Parliament passing legislative changes in December 2022, which include Financial Sector reforms relating to Small Amount Credit Contracts (SACC).
These changes reflect an anticipated diminishing strategic contribution of SACC loan products to the Company’s earnings from FY2024 onwards.