It is a weakness of residual income that interest expense may not reflect the true cost of debt capital.
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In the Residual Income Model, The Interest cost is taken in to account as interest expenses as recorded in accounting, as you are aware interest cost as per IFRS/ us GAAP is taken as effective interest ie the ytm as on the date of issue but the ytm does not remain constant, it changes as per the market conditions (yield changes) but accounting does not consider it, in finance, we are concerned with the marginal cost of debt i.e. what is the cost of raising additional debt, suppose we are doing equity valuation so the first thing we are concerned with is what is the yied (if we follow yield + Risk premium Method ) or generally otherwise also we are concerned with the yield which is existing currently in the market and not on the yield at the time of issue but Accounting Standards does not consider it and as the RI model is based on Accounting Fundamentals, it is the drawback of the RI model.
Thanks!