ACCOUNTING FOR THE DAY-ONE DIFFERENCE ON BELOW-MARKET LOANS IN JOINT-STOCK COMPANIES WITH STATE PARTICIPATION

This article develops a two-step algorithm for accounting for the day-one difference arising from below-market loans received by joint-stock companies with state participation under IFRS 9 and IAS 20. The methodological contribution consists of a four-level hierarchy of market interest rate benchmarks designed for an economy with a relatively shallow bond market and a four-case matrix linking the accounting treatment to the lender's status: government – government grant; owner – capital contribution; state-guaranteed export credit – benchmark assessment; and market lender – application of IFRS 9, paragraph B5.1.2A. An illustrative calculation based on financial data from JSC Uzbekistan Post shows that, for an interest-free five-year loan of UZS 20.2 billion, the day-one difference amounts to 56–69% of the principal. Under the owner-contribution scenario, first-year interest expense is 1.6 times the company's reported net profit for 2025.

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