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Compiled AASB Standard  AASB 123

Borrowing Costs

This compiled Standard applies to annual periods beginning on or after 1 July 2021.  Earlier application is permitted for annual periods beginning after 24 July 2014 but before 1 July 2021.  It incorporates relevant amendments made up to and including 6 March 2020.
Prepared on 8 June 2021 by the staff of the Australian Accounting Standards Board.
Compilation no. 2
Compilation date:  30 June 2021

Obtaining copies of Accounting Standards
Compiled versions of Standards, original Standards and amending Standards (see Compilation Details) are available on the AASB website: www.aasb.gov.au.
Australian Accounting Standards Board
PO Box 204
Collins Street West
Victoria   8007
AUSTRALIA
Phone: (03) 9617 7600
E-mail: standard@aasb.gov.au
Website: www.aasb.gov.au

Other enquiries

Phone: (03) 9617 7600
E-mail: standard@aasb.gov.au

COPYRIGHT
© Commonwealth of Australia 2021
This compiled AASB Standard contains IFRS Foundation copyright material.  Reproduction within Australia in unaltered form (retaining this notice) is permitted for personal and non-commercial use subject to the inclusion of an acknowledgment of the source.  Requests and enquiries concerning reproduction and rights for commercial purposes within Australia should be addressed to The National Director, Australian Accounting Standards Board, PO Box 204, Collins Street West, Victoria 8007.
All existing rights in this material are reserved outside Australia.  Reproduction outside Australia in unaltered form (retaining this notice) is permitted for personal and non-commercial use only.  Further information and requests for authorisation to reproduce for commercial purposes outside Australia should be addressed to the IFRS Foundation at www.ifrs.org.

Contents

COMPARISON WITH IAS 23
ACCOUNTING STANDARD
AASB 123 BORROWING COSTS

from paragraph
Core principle 1
Scope 2
Definitions 5
Recognition 8
Borrowing costs eligible for capitalisation 10
Excess of the carrying amount of the qualifying asset over recoverable amount 16
Commencement of capitalisation 17
Suspension of capitalisation 20
Cessation of capitalisation 22
Disclosure 26
Transitional provisions Aus26.2
Effective date 29
Withdrawal of IAS 23 (revised 1993)
Commencement of the legislative instrument
Withdrawal of AASB pronouncements Aus30.2
AppendiX
A  Australian simplified disclosures for Tier 2 entities
COMPILATION DETAILS
Deleted IAS 23 text
Basis for Conclusions

AVailable on the AASB website
Basis for Conclusions on IAS 23

Australian Accounting Standard AASB 123 Borrowing Costs (as amended) is set out in paragraphs 1 – Aus30.2 and Appendix A.  All the paragraphs have equal authority.  Paragraphs in bold type state the main principles.  AASB 123 is to be read in the context of other Australian Accounting Standards, including AASB 1048 Interpretation of Standards, which identifies the Australian Accounting Interpretations, and AASB 1057 Application of Australian Accounting Standards.  In the absence of explicit guidance, AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors provides a basis for selecting and applying accounting policies.

Comparison with IAS 23
AASB