IAS23 BV2009 - IAS 23 International Accounting Standard 23...

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IAS 23 International Accounting Standard 23 Borrowing Costs This version was issued in March 2007 and includes amendments resulting from IFRSs issued up to 31 December 2008. Its effective date is 1 January 2009. IAS 23 Borrowing Costs was issued by the International Accounting Standards Committee in December 1993. It replaced IAS 23 Capitalisation of Borrowing Costs (issued March 1984). In April 2001 the International Accounting Standards Board resolved that all Standards and Interpretations issued under previous Constitutions continued to be applicable unless and until they were amended or withdrawn. IAS 23 was amended by IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors (issued December 2003). In March 2007 the IASB issued a revised IAS 23. Since then, IAS 23 and its accompanying documents have been amended by Improvements to IFRSs (issued May 2008). 1 The following Interpretations refer to IAS 23: IFRIC 1 Changes in Existing Decommissioning, Restoration and Similar Liabilities (issued May 2004 and subsequently amended) IFRIC 12 Service Concession Arrangements (issued November 2006 and subsequently amended). 1 effective date 1 January 2009 © IASCF 1
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IAS 23 C ONTENTS paragraphs INTERNATIONAL ACCOUNTING STANDARD 23 BORROWING COSTS CORE PRINCIPLE 1 SCOPE 2–4 DEFINITIONS 5–7 RECOGNITION 8–25 Borrowing costs eligible for capitalisation 10–15 Excess of the carrying amount of the qualifying asset over recoverable amount 16 Commencement of capitalisation 17–19 Suspension of capitalisation 20–21 Cessation of capitalisation 22–25 DISCLOSURE 26 TRANSITIONAL PROVISIONS 27–28 EFFECTIVE DATE 29–29A WITHDRAWAL OF IAS 23 (REVISED 1993) 30 APPENDIX Amendments to other pronouncements APPROVAL BY THE BOARD OF IAS 23 ISSUED IN MARCH 2007 BASIS FOR CONCLUSIONS DISSENTING OPINIONS APPENDIX Amendments to Basis for Conclusions on other pronouncements AMENDMENTS TO GUIDANCE ON OTHER PRONOUNCEMENTS TABLE OF CONCORDANCE 2 © IASCF
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IAS 23 International Accounting Standard 23 Borrowing Costs (IAS 23) is set out in paragraphs 1–30 and the Appendix. All of the paragraphs have equal authority but retain the IASC format of the Standard when it was adopted by the IASB. IAS 23 should be read in the context of its core principle and the Basis for Conclusions, the Preface to International Financial Reporting Standards and the Framework for the Preparation and Presentation of Financial Statements . IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors provides a basis for selecting and applying accounting policies in the absence of explicit guidance. © IASCF 3
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This revised Standard was issued in March 2007. It supersedes IAS 23, revised in 1993. The text of the revised Standard, marked to show changes from the previous version, is available from the IASB’s Subscriber Website at www.iasb.org for a limited period. 4
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This note was uploaded on 02/22/2012 for the course ACCOUNTING 402 taught by Professor Sanaabadry during the Spring '12 term at DISD.

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IAS23 BV2009 - IAS 23 International Accounting Standard 23...

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