Project history

Stage 1: Setting the agenda

The project was added to the agenda in April 2004 as part of the short-term convergence project. Work commenced in October 2005.

Stage 2: Project Planning

This project is being conducted by the IASB only. As noted above, the scope of this project is limited to amendments related to the Board’s decision in the short-term convergence project. The Board has not reconsidered all of the requirements in IAS 23 and the project is part of the short-term convergence project, therefore no working group was considered necessary for this project.

Stage 3: Development and publication of a discussion paper

A discussion paper is not a mandatory step in the IASB Due Process Handbook. A discussion paper was not considered necessary for this project because the objective of the project is to reduce differences between IAS 23 and SFAS 34, not to develop a new approach to accounting for borrowing costs.

Stage 4: Development and publication of an exposure draft

An Exposure Draft was published on 25 May 2006 for public comment (click here for a copy of the exposure draft) . The Board invited comments on the Exposure Draft by 29 September.

Stage 5: Development and publication of a revised Standard

The Board published a revised IAS 23 in March 2007.