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Field Name | Value |
|---|---|
Issue Name | FI Issue Tax Type Change |
Description | FI Issue Tax Type Demo |
Ticker | FIITTD |
Primary Asset ID | 555555555 |
Processing Security Type | DBIBFD |
Issue Date | 20091015 |
Dated Date | 20091015 |
First Coupon Date | 20100415 |
Last Coupon Date | 20180415 |
Maturity Date | 20181015 |
Coupon Type Code | Fixed |
Coupon Rate | 6.00 |
Day Count Basis | ACT30/360 |
Issue Country | United Kingdom |
Payment Frequency | Monthly |
Issue Tax Type | Standard |
Primary Exchange | London |
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The security's traded interest was originally calculated using an incorrect rate of 5% or, 23,055.56. Both examples A and B calculate Traded Interest with the initial, now incorrect, rate of 5%.
Round ( 1,000,000.00 * 5% / 360 * 166 ) = 23,055.56
Eagle Accounting does not auto correct a trade with incorrect traded interest, but brings the security to the expected period to date earnings numbers when the system invokes the earnings process.
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- 694.44 (Current Accrual to Date)
to generate an accrual delta of 4,916.67
The following table shows the April 1 and April 5 settlement date values with the initial coupon rate of 5%, along with the April 6 settlement date values with the 6% rate.
| Start of Coupon | Oct 15 2013 | Oct 15 2013 | Oct 15 2013 |
| Settlement Date | Apr 01 2014 | Apr 05 2014 | Apr 06 2014 |
| Days Until Settlement Date | 166 | 171 | 172 |
| Traded Interest: | PTD Accruals: | PTD Accruals: | |
| Par` | 1,000,000.00 | 1,000,000.00 | 1,000,000.00 |
| Coupon Rate | 5.00 % | 5.00 % | 6.00 % |
| Daily Accrual | 360 | 360 | 166.6666667 |
| Days in Period | 166 | 171 | 172 |
| Traded Interest | 23,055.56 | ||
| PTD Interest Amount | 23,750.00 | 28,666,67 | |
| PTD Accrual | 694.44 | ||
| True Up of Accrual | 4,916.67 |