writedowns

Definition

An accounting reduction in the book value of an asset because it is now worth less than the amount originally recorded on the company's balance sheet.

Etymology

Derived from the phrasal verb 'write down,' which emerged in the late 19th century in accounting to describe the act of lowering the recorded value of an asset in a ledger.

In the news

The article mentions how Ping An suffered multi-billion-yuan writedowns after a troubled property investment, highlighting the risks of holding highly concentrated real estate assets.

$900m Aussie deal sees major losses for international insurer

Insurance Business

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