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Sunday 21 December 2014

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Borrowing costs

First‑time Adoption of International Financial Reporting Standards: Borrowing costs


 Narrow scope amendments (Annual Improvements)

IFRS 1 First‑time Adoption of International Financial Reporting Standards: Borrowing costs

The IASB addressed some concerns that were raised by first-time adopters about the transitional provisions for borrowing costs on:

  1. whether borrowing costs capitalised in accordance with previous GAAP should be retained, restated or eliminated in the opening statement of financial position;
  2. the accounting, after the date of transition, for borrowing costs that relate to such qualifying assets when these qualifying assets are under construction at the date of transition.

Project stages

Discussion and papers

Issued documents

Completed - Amendment included in Annual Improvements to IFRSs (2009 -2011 Cycle) published in May 2012
Annual Improvements to IFRSs 2009-2011 Cycle issued on 17 May 2012