Many of the financial functions rely on a "day count basis" value that is not defined in this standard. Without this level of definition implementors will not be able to evaluate these functions

Proposed change: Provide a full definition of "day count basis", in particular with respect to treatment of leap years and leap days.

3.17 [p2507..., throughout]

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Proposed Disposition of DIS 29500 Comment GB-0359 (Modified: 2008-01-13) We agree that the “day count basis” is used in various places without being clearly defined. The function definitions in which it appears are: §3.17.7.2, page 2,534: ACCRINT() §3.17.7.3, page 2,535: ACCRINTM() §3.17.7.7, page 2,538: AMORDEGRC §3.17.7.8, page 2,540: AMORLINC §3.17.7.57, page 2,583: COUPDAYBS() §3.17.7.58, page 2,584: COUPDAYS() §3.17.7.59, page 2,585: COUPDAYSNC() §3.17.7.60, page 2,586: COUPNCD() §3.17.7.61, page 2,587: COUPNUM() §3.17.7.62, page 2,588: COUPPCD() §3.17.7.91, page 2,616­2,617: DISC() §3.17.7.101, page 2,624: DURATION() §3.17.7.170, page 2,680: INTRATE §3.17.7.206, page 2,708: MDURATION() §3.17.7.238, page 2,735: ODDFPRICE() §3.17.7.239, page 2,736: ODDFYIELD() §3.17.7.240, page 2,737: ODDLPRICE() §3.17.7.241, page 2,739: ODDLYIELD() §3.17.7.254, page 2,750: PRICE() §3.17.7.255, page 2,751: PRICEDISC() §3.17.7.256, page 2,752­2,753: PRICEMAT() §3.17.7.268, page 2,762: RECEIVED() §3.17.7.348, page 2,826: YEARFRAC §3.17.7.349, page 2,828: YIELD() §3.17.7.350, page 2,829: YIELDDISC() §3.17.7.351, page 2,829: YIELDMAT The table row which appears in each of these functions will be modified to read: Name Type Description Name Type Description basis number The truncated integer type of day count basis to use, as follows: Value Day Count Basis 0 or omitted US (NASD) 30/360 . This uses 30 days a month for a total of 360 days a year. Assumes that each month has 30 days and the total number of days in the year is 360 by making the following adjustments: If the date is 28 or 29 February, it is adjusted to 30 February. For months with 31 days, if the first date has a day value of 31, the date is converted to day 30. If the second date has a day value of 31, it is changed to 30 days as long as the first date was not 28 or 29 February, in which case it does not change. 1 Actual/actual. The actual number of days between the two dates are counted. If the date range includes the date 29 February, the year is 366 days; otherwise it is 365 days. Name Type Description 2 Actual/360 . Similar to Basis 1, but only has 360 days per year. 3 Actual/365 . Similar to Basis 1, but always has 365 days per year. 4 European 30/360 . The European method for starting and ending dates that occur on the 31st of the month. [Example: If the starting or ending date is the 31st of a month, it then becomes equal to the thirtieth of the same month. end example] The European method for adjusting day counts. Assumes that each month has 30 days and the total number of days in the year is 360 by making the following adjustments: If the date is 28 or 29 February, it is adjusted to 30 February. For months with 31 days, all dates with a day value of 31 are changed to day 30, including 28 and 29 February. Similar Comments: CL-0143 , CO-0151 , DK-0056 , FR-0426 , GR-0102 , IE-0008 , US-0047 , US-0172