Absa impairs R2.4-billion in software after strategy rethink

[PlanesTrainsAutomobiles]

Absa impairs R2.4-billion in software after strategy rethink

Absa has taken a R2.4-billion hit after a strategy shift left software assets with zero recoverable value.

techcentral.co.za

I cannot wait for the day this excuse for a bank closes its last door.

They will no doubt recoup this loss from clients by increasing their fees. Last time I checked, they had 4 or 5 different types of fees and costs that they deduct from accounts monthly.

 

[rustypup]

"Impairs"

What a weird use of the word.

This sentence reads like someone weilding a thesaurus without understanding the meaning of the word... very Twilight.

"The software impairments"

 

[A3@MBB]

SAP is expensive

 

[A3@MBB]

"Impairs"

What a weird use of the word.

This sentence reads like someone weilding a thesaurus without understanding the meaning of the word... very Twilight.

"The software impairments"

It's an accounting term.
An asset is usually depreciated over a X years down to zero value.
Impairment is when you need to write off an asset (or part of it) and cannot recoup any proceeds from it (ie selling it)

 

[B-1]

I wonder how much of that is from their decision to get cheap offshore labour and save big.

 

[AfricanTech]

"Impairs"

What a weird use of the word.

This sentence reads like someone weilding a thesaurus without understanding the meaning of the word... very Twilight.

"The software impairments"

its very commonly used within a corporate finance context

impairment essentially means writing a cost off from a financial point of view (instead of listing it as an asset that depreciated over a number years, it's classified as an expense with no asset value)

 

[neoprema]

Absa impairs R2.4-billion in software after strategy rethink

Absa has taken a R2.4-billion hit after a strategy shift left software assets with zero recoverable value.

techcentral.co.za

I cannot wait for the day this excuse for a bank closes its last door.

They will no doubt recoup this loss from clients by increasing their fees. Last time I checked, they had 4 or 5 different types of fees and costs that they deduct from accounts monthly.

Never had problems with ABSA, our business banks with them for years now and they've been exceedingly good. Their forex is also spot-on.

 

[rustypup]

impairment essentially means writing a cost off from a financial point of view

Sure. I get that. It's still very much a weird use of the word. Makes me excited every time I see it.

A "software impairment" in human readable language and common grammar is "a bug".

Just because accountants don't language good* is no excuse.

*To be fair, neither do lawyers.

 

[Smiggles]

Africanicity. No wonder Capitec keeps growing.

 

[PlanesTrainsAutomobiles]

Never had problems with ABSA, our business banks with them for years now and they've been exceedingly good. Their forex is also spot-on.

Of all the banks in South Africa, this has by far been my worst experience in terms of inefficiency, ineptitude, and poor client service.

 

[PlanesTrainsAutomobiles]

Africanicity. No wonder Capitec keeps growing.

Exactly. They quietly dropped that stupid slogan.