ICAI’s Exposure Draft of “AS-23: Borrowing Costs”

ICAI’s Exposure Draft for Comments on “AS-23: Borrowing Costs

The Accounting Standards Board (ASB) of ICAI has issued the Exposure Draft of the Accounting Standard (AS) 23, Borrowing Costs, for comments on any aspect thereof, to be received not later than 31 Oct. 2017, as under:

ICAI’s Exposure Draft for Comments on “AS 23- Borrowing Costs”

Comments are most helpful if they indicate the specific paragraph or group of paragraphs to which they relate, contain a clear rationale and, where applicable, provide a suggestion for alternative wording. Comments should be submitted using one of the following methods:

Mode Particulars
1. Online https://www.icai.org/comments/asb/
2. Email: commentsasb@icai.in
3. Post: Secretary, Accounting Standards Board, The Institute of Chartered Accountants of India, ICAI Bhawan, Post Box No. 7100, Indraprastha Marg, New Delhi 110 002

Any further clarifications may be sought by e-mail from ICAI using asb@icai.in

Borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset form part of the cost of that asset. Other borrowing costs are recognised as an expense. An entity shall apply this Standard in accounting for borrowing costs.

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