It certainly would! With today being Sep 28, 2005, and the prior date being
Sep 27, 2004, simple subtraction of the two dates gives 366, which, according
to the OP's requirements, should be overdue. DAYS360 gives 361, which is not
overdue.
DAYS360 is intended for financial calculations such as bond interest, etc,
where one assumes a year consists of 12 30-day months, or 360 days.
If you want to flag dates that are more than a year ago, and still use
DAYS360, then you should compare the result with 360 rather than 365.
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