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Proposed Amendments - IAS23, “Borrowing Costs"

Thursday, June 1, 2006

In May 2006, the IASB issued an exposure draft of proposed amendments to IAS 23, "Borrowing Costs". The proposed amendments eliminate the option in IAS 23 of recognizing borrowing costs immediately as an expense; to the extent they are directly attributable to the acquisition, construction or production of a qualifying asset. The exposure draft can be found on the IASB website at www.iasb.org. Proceed to click on Current Projects/IASB Projects/Borrowing Costs to find the document.The Financial Reporting Committee of IMA submitted a comment letter to IASB to express its views on issues addressed in the exposure draft. A copy of the comment letter can be found on the Advocacy Activity of the site.