|
Description :
|
IAS 23 provides guidance on the accounting treatment for borrowing costs. Borrowing costs are interest and other costs incurred by an entity in connection with the borrowing of funds.
The Board’s objectives in this project are:
(a) This project is part of the Short-term Convergence project with the US Financial Accounting Standards Board (FASB). The purpose is to reduce differences between IFRSs and US generally accepted accounting principles (US GAAP) that can be resolved in a relatively short time and can be addressed outside major projects.
(b) The objective of this short-term convergence project is to amend IAS 23 Borrowing Costs, by removing the main difference between US GAAP and IAS 23. This will be done by requiring the capitalisation of borrowing costs, to the extent they are directly attributable to the acquisition, production or construction of a qualifying asset. The existing option of immediate recognition of those borrowing costs as an expense will be removed.
|
|
|
|
|
|
|
Working groups :
|
EFRAG Technical Expert Group (EFRAG TEG) -
EFRAG Secretariat -
|
|
|
Current Project Status :
|
Published in Official Journal
|
|
|
|
Efrag Output
No 'Efrag Output'
Comment Letters
No 'Comment Letters'
Other Input
No 'Other Input'
News Items
|
