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International Accounting Standards (IAS)
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| U.S. GAAP | IFRS, IAS | Accounting Topics |
International Accounting Standard (IAS) 23
Borrowing Costs
International Financial
Reporting Standards (IFRS) |
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International Accounting
Standards (IAS) |
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U.S. GAAP by Topic |
| International Accounting Standard (IAS) 23 |
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IAS 23
Borrowing Costs IAS 23
first issued in March 1984 IAS 23
revised in March 2007 |
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Borrowing
costs include: (1) interest on borrowings (2) finance charges for finance leases |
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Borrowing
costs are (1) capitalized --> if directly attributable to --> acquisition or construction of a qualifying asset (2) expensed --> if NOT directly attributable to --> acquisition or construction of a qualifying asset |
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Qualifying
assets may include: (1) manufacturing plants (2) investment properties (3) intangible assets (4) power generating facilities (5) inventories |
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Inventories manufactured --> over a short period of time --> not qualifying assets |
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Financial
assets --> not qualifying assets |
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Assets
that are ready for their intended use or sale --> not qualifying assets |
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IAS
23 Technical Notes |
