AASB 1 - First-time Adoption of Australian Accounting Standards - May 2009
Borrowing costsBorrowing costs
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Borrowing costs
D23 A first-time adopter can elect to apply the requirements of AASB 123 Borrowing Costs from the date of transition or from an earlier date as permitted by paragraph 28 of AASB 123. From the date on which an entity that applies this exemption begins to apply AASB 123, the entity:
(a) shall not restate the borrowing cost component that was capitalised under previous GAAP and that was included in the carrying amount of assets at that date; and
(b) shall account for borrowing costs incurred on or after that date in accordance with AASB 123, including those borrowing costs incurred on or after that date on qualifying assets already under construction.
D24 [Deleted by the IASB]