What is Past Due Item?
Past Due Item An item, such as a loan payment or bill, that has not been paid by its due date and is classified as overdue per banking regulations and credit reporting standards.
Source: CFA Institute, IFRS Foundation, FASB (GAAP), Basel III Framework
How is “Past Due Item” Used in Practice?
A past due item on a loan account may trigger penalty interest and negative credit reporting, depending on the length of delinquency.
Certification Exam Relevance
Who Needs to Know This Term?
- Financial Analysts
- Bankers
- Traders
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What is Past Due Item?
An item, such as a loan payment or bill, that has not been paid by its due date and is classified as overdue per banking regulations and credit reporting standards.
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