{"id":3948,"date":"2019-10-08T13:33:00","date_gmt":"2019-10-08T13:33:00","guid":{"rendered":"https:\/\/analystprep.com\/cfa-level-1-exam\/?p=3948"},"modified":"2026-01-28T10:12:33","modified_gmt":"2026-01-28T10:12:33","slug":"effective-interest-method","status":"publish","type":"post","link":"https:\/\/analystprep.com\/cfa-level-1-exam\/financial-reporting-and-analysis\/effective-interest-method\/","title":{"rendered":"The Effective Interest Method"},"content":{"rendered":"\n<script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@type\": \"VideoObject\",\n  \"name\": \"Non-Current Liabilities (2025 CFA\u00ae Level I Exam \u2013 Financial Reporting and Analysis \u2013 Learning Module 10)\",\n  \"description\": \"This CFA\u00ae Level I Financial Reporting and Analysis lesson covers Non-Current Liabilities in depth. Topics include bond recognition and measurement, the effective interest method, derecognition of debt, debt covenants, and required disclosures. The video also explains lease accounting from both lessee and lessor perspectives, defined contribution versus defined benefit pension plans, and the calculation and interpretation of leverage and coverage ratios, with a strong focus on exam-tested concepts.\",\n  \"uploadDate\": \"2022-04-28\",\n  \"thumbnailUrl\": \"https:\/\/img.youtube.com\/vi\/r1ck8FrAMtw\/hqdefault.jpg\",\n  \"contentUrl\": \"https:\/\/www.youtube.com\/watch?v=r1ck8FrAMtw\",\n  \"embedUrl\": \"https:\/\/www.youtube.com\/embed\/r1ck8FrAMtw\",\n  \"duration\": \"PT44M41S\"\n}\n<\/script>\n<script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@type\": \"QAPage\",\n  \"mainEntity\": {\n    \"@type\": \"Question\",\n    \"name\": \"Which statement about bonds issued below face value using the effective interest method is correct?\",\n    \"text\": \"A company issues $1,000,000 face value of five-year bonds when the market interest rate is 6%. The sale proceeds are $936,815 and the bond pays 4.5% interest annually. Which of the following is correct?\\n\\nA. The bonds were issued at a discount, interest payment is $45,000 annually and the first year\u2019s interest expense, under the effective interest rate method, is $56,209.\\n\\nB. The bonds were issued at a premium, interest payment is $45,000 annually and the first year\u2019s interest expense, under the effective interest rate method, is $56,209.\\n\\nC. The bonds were issued at a discount, interest payment is $60,000 annually and the first year\u2019s interest expense, under the effective interest rate method, is $42,157.\",\n    \"answerCount\": 1,\n    \"acceptedAnswer\": {\n      \"@type\": \"Answer\",\n      \"text\": \"The correct answer is A. Because the sales proceeds ($936,815) are less than the face value ($1,000,000), the bonds were issued at a discount of $63,185. Annual interest payments equal $1,000,000 \u00d7 4.5% = $45,000. Under the effective interest method, first-year interest expense equals the carrying value multiplied by the market rate: $936,815 \u00d7 6% = $56,209.\"\n    }\n  }\n}\n<\/script>\n<script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@type\": \"QAPage\",\n  \"mainEntity\": {\n    \"@type\": \"Question\",\n    \"name\": \"At what price are bonds issued when the coupon rate is below the effective interest rate?\",\n    \"text\": \"At the time of issue of 4.50% coupon bonds, the effective interest rate was 5.00%. The bonds were most likely issued at:\\n\\nA. Par\\n\\nB. A discount\\n\\nC. A premium\",\n    \"answerCount\": 1,\n    \"acceptedAnswer\": {\n      \"@type\": \"Answer\",\n      \"text\": \"The correct answer is B. When the coupon rate is lower than the effective (market) interest rate, bonds must be issued at a discount to compensate investors for receiving interest payments below the market rate for similar-risk bonds.\"\n    }\n  }\n}\n<\/script>\n\n\n\n<p><iframe loading=\"lazy\" src=\"\/\/www.youtube.com\/embed\/r1ck8FrAMtw\" width=\"611\" height=\"343\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<p>Typically, companies maintain the historical cost (sales proceeds) of bonds after issuance, and any discount or premium is amortized over the life of the bonds. Some companies report the bonds at their current fair values.<\/p>\n<p>Under IFRS, bonds are reported as a liability on the balance sheet at the amount of the sales proceeds net of issuance costs. Under US GAAP, they are reported at the amount of the sales proceeds, ignoring any bond issuance costs.<\/p>\n<p>If a bond is issued at face value, the amount of periodic interest expense will be the same as the amount of periodic interest payments to bondholders. If the bond is issued at a premium or discount, the premium or discount is amortized systematically over the life of the bonds as a component of interest expense.<\/p>\n<h2><strong>The Effective Interest Rate Method<\/strong><\/h2>\n<p>There are two methods for amortizing the premium or discount of bonds that are issued at a price other than par: (i) the effective interest rate method; and (ii) the straight-line method.<\/p>\n<p>The effective interest rate method reflects the economic substance of a transaction better.\u00a0 As a result, it is the method that is required under IFRS and preferred under US GAAP. It applies the market rate in effect when a bond is issued to the bond&#8217;s current amortized cost to obtain interest expense for the period. The difference between the interest expense and the interest payment is the amortization of the discount or premium. As a bond approaches maturity, the amortized cost will approach the face value.<\/p>\n<h2><strong>Calculating Interest Expense, Amortization of Bond Discounts or Premiums, and Interest Payments<\/strong><\/h2>\n<p>These computations are best explained by the use of an example.<\/p>\n<h3><strong>Example: interest payments and carrying amount<\/strong><\/h3>\n<p>A company issues $1,000,000 face value of seven-year bonds when the market interest rate is 5%. The sales proceeds is $942,136 and the bond pays 4% interest annually.<\/p>\n<p>1. What is the interest payment on the bonds each year?<\/p>\n<p>2. What amount of interest expense on the bonds would be reported in the first two years of issuance, using the effective interest rate method, and what would be the carrying amount of the bonds at the end of the first two years?<\/p>\n<p><strong>Solution<\/strong><\/p>\n<p>1. Interest payment = $1,000,000 \u00d7 4% = $40,000 annually.<\/p>\n<p>2. Since the sales proceeds ($942,136) is less than the bonds\u2019 face value, the bonds were issued at a discount of $57,864. This discount is amortized over time, ultimately leading to an increase in the carrying amount to the bond\u2019s face value.<\/p>\n<p>Under the effective interest rate method, Interest expense = Bond carrying amount \u00d7 Market rate in effect when the bonds are issued.<\/p>\n<p>In year 1, Interest expense = $942,136 \u00d7 5% = $47,107. The amount of the discount amortized in year 1 is the difference between the interest expense of $47,107 and the interest payment of $40,000 = $7,107.<\/p>\n<p>The bonds\u2019 carrying amount increases by the discount amortization. Therefore, at the end of year 1, the bonds\u2019 carrying amount is $942,136 + $7,107 = $949,243 (i.e., beginning balance of $942,136 plus $7,107 discount amortization).<\/p>\n<p>For year 2, interest expense = $949,243 \u00d7 5% = $47,462 (i.e., carrying amount of bonds at beginning of year 2 multiplied by the effective interest rate).<\/p>\n<p>The amount of the discount amortized in year 2 is the difference between the interest expense of $47,462 and the interest payment of $40,000 i.e. $7,462.<\/p>\n<p>At the end of year 2, the bonds\u2019 carrying amount is $956,705 (i.e., beginning balance of $949,243 + $7,462 discount amortization).<\/p>\n<blockquote>\n<h3><strong>Question 1<\/strong><\/h3>\n<p>A company issues $1,000,000 face value of five-year bonds when the market interest rate is 6%. The sale proceeds are $936,815 and the bond pays 4.5% interest annually. Which of the following is correct?<\/p>\n<ol style=\"list-style-type: upper-alpha;\">\n<li data-tadv-p=\"keep\">The bonds were issued at a discount, interest payment is $45,000 annually and\u00a0 the first year\u2019s interest expense, under the effective interest rate method, is $56,209.<\/li>\n<li data-tadv-p=\"keep\">The bonds were issued at a premium, interest payment is $45,000 annually and\u00a0 the first year\u2019s interest expense, under the effective interest rate method, is $56,209.<\/li>\n<li data-tadv-p=\"keep\">The bonds were issued at a discount, interest payment is $60,000 annually and\u00a0 the first year\u2019s interest expense, under the effective interest rate method, is $42,157.<\/li>\n<\/ol>\n<p><strong>Solution<\/strong><\/p>\n<p>The correct answer is <strong>A<\/strong>.<\/p>\n<p>Since the sales proceeds ($936,815) is less than the bonds\u2019 face value, the bonds were issued at a discount of $63,185.<\/p>\n<p>Interest payments = $1,000,000 \u00d7 4.5% = $45,000 annually.<\/p>\n<p>Interest expense = $936,815 \u00d7 6% = $56,209.<\/p>\n<h3><strong>Question 2<\/strong><\/h3>\n<p>At the time of issue of 4.50% coupon bonds, the effective interest rate was 5.00%. The bonds were <em>most likely<\/em> issued at:<\/p>\n<ol style=\"list-style-type: upper-alpha;\">\n<li data-tadv-p=\"keep\">par<\/li>\n<li data-tadv-p=\"keep\">a discount<\/li>\n<li data-tadv-p=\"keep\">a premium<\/li>\n<\/ol>\n<p><strong>Solution<\/strong><\/p>\n<p>The correct answer is <strong>B<\/strong>.<\/p>\n<p>The bond must have been issued at a discount to compensate the bondholders for getting an interest rate lower than the market interest rate for bonds with similar risk and maturity.<\/p>\n<\/blockquote>\n\n","protected":false},"excerpt":{"rendered":"<p>Typically, companies maintain the historical cost (sales proceeds) of bonds after issuance, and any discount or premium is amortized over the life of the bonds. Some companies report the bonds at their current fair values. Under IFRS, bonds are reported&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[5],"tags":[],"class_list":["post-3948","post","type-post","status-publish","format-standard","hentry","category-financial-reporting-and-analysis","blog-post","no-post-thumbnail","animate"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The Effective Interest Method | CFA Level 1 - AnalystPrep<\/title>\n<meta name=\"description\" content=\"If a company issues bonds with a coupon rate higher than the market rate, the market value of the bonds would be higher than the face value.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/analystprep.com\/cfa-level-1-exam\/financial-reporting-and-analysis\/effective-interest-method\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Effective Interest Method | CFA Level 1 - 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