Threshold detection for load current on a bus involves generating an output current representative of the load current using a transconductance circuit, sampling the output current during a quiescent phase of the bus to produce a sample current, generating a compensation current that is proportional to the transconductance gain associated with the transconductance circuit, where the compensation current is a function of the sample current, combining the output current, the sample current, the compensation current, and a reference current representative of a threshold value for the load current to produce a combined current, and using a discriminator during an active phase of the bus to output a first value when the sum current exceeds the threshold value and a second value when the combined current is less than the threshold value.