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IFRSclass.comTM |
| U.S. GAAP Codification | IFRS International Standards | Accounting Standards, ASC |
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International Accounting Standard (IAS) 23 |
| IFRS Accounting Topics |
| International Accounting Standard (IAS) 23 |
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 |
| IAS 40 - IAS 41 |
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IAS 40:
Investment property |
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IAS
40 Technical Notes |
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IAS 41:
Agriculture |
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