Exposure draft and comment letters
The proposals mark another step towards convergence of international and national standards by continuing the IASB’s work in its joint short-term convergence project with the US Financial Accounting Standards Board (FASB). The objective of the project is to reduce differences between the IASB’s International Financial Reporting Standards (IFRSs) and US generally accepted accounting principles (GAAP).
The Exposure Draft results from the IASB’s comparison of IAS 23 Borrowing Costs with the US standard SFAS 34 Capitalization of Interest Cost. The proposed amendments to IAS 23 would remove a major difference between the accounting treatments for borrowing costs under the two standards
Comment Letter deadline: The exposure draft was open until 29 September 2006, the comment period has now closed Click here to view the comment letetrs.
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