AASB 123 - Borrowing Costs - June 2007
Compliance with IAS 23Compliance with IAS 23
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Compliance with IAS 23
For-profit entities that comply with AASB 123 as amended will simultaneously be in compliance with IAS 23 as amended.
Not-for-profit entities using the added “Aus” paragraphs in the Standard that specifically apply to not-for-profit entities may not be simultaneously complying with IAS 23. Whether a not-for-profit entity will be in compliance with IAS 23 will depend on whether the “Aus” paragraphs provide additional guidance for not-for-profit entities or contain requirements that are inconsistent with the corresponding IASB Standard and will be applied by the not-for-profit entity.
Entities preparing general purpose financial statements under Australian Accounting Standards – Reduced Disclosure Requirements will not be in compliance with IAS 23.