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IAS23 Borrowing Costsas issued at1 January2014. Includes IFRSs with an effective date after1 January2014 but not the IFRSs theywill replace.This extract has been prepared by IFRS Foundation staff and has not been approved by the IASB. For the requirementsreference must be made to International Financial Reporting Standards.
Core principleBorrowing costs that are directly attributable to the acquisition, construction or production of a qualifying assetform part of the cost of that asset. Other borrowing costs are recognised as an expense.Borrowing costs are interest and other costs that an entity incurs in connection with the borrowing of funds.
RecognitionAn entity shall capitalise borrowing costs that are directly attributable to the acquisition, construction orproduction of a qualifying asset as part of the cost of that asset. An entity shall recognise other borrowing costsas an expense in the period in which it incurs them.A qualifying asset is an asset that necessarily takes a substantial period of time to get ready for its intended useor sale.To the extent that an entity borrows funds specifically for the purpose of obtaining a qualifying asset, the entityshall determine the amount of borrowing costs eligible for capitalisation as the actual borrowing costs incurredon that borrowing during the period less any investment income on the temporary investment of thoseborrowings.
To the extent that an entity borrows funds generally and uses them for the purpose of obtaining a qualifyingasset, the entity shall determine the amount of borrowing costs eligible for capitalisation by applying acapitalisation rate to the expenditures on that asset. The capitalisation rate shall be the weighted average of theborrowing costs applicable to the borrowings of the entity that are outstanding during the period, other thanborrowings made specifically for the purpose of obtaining a qualifying asset. The amount of borrowing costs
that an entity capitalises during a period shall not exceed the amount of borrowing costs it incurred during thatperiod.An entity shall begin capitalising borrowing costs as part of the cost of a qualifying asset on thecommencement date. The commencement date for capitalisation is the date when the entity first meets all ofthe following conditions:(a) it incurs expenditures for the asset;(b) it incurs borrowing costs; and(c) it undertakes activities that are necessary to prepare the asset for its intended use or sale.
An entity shall suspend capitalisation of borrowing costs during extended periods in which it suspends activedevelopment of a qualifying asset.An entity shall cease capitalising borrowing costs when substantially all the activities necessary to prepare thequalifying asset for its intended use or sale are complete.
DisclosureAn entity shall disclose:(a) the amount of borrowing costs capitalised during the period; and(b) the capitalisation rate used to determine the amount of borrowing costs eligible for capitalisation.
