Document ID: chunk:federal_register_of_legislation:F2021C00862:body:0:p7
Version: federal_register_of_legislation:F2021C00862
Segment Type: other
Provision Reference: 
Character Range: 16313–19186

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.
Aus26.1 A not-for-profit public sector entity shall disclose the accounting policy adopted for borrowing costs.

Transitional provisions
Aus26.2 Paragraphs 27 and 28 shall not be applied by an entity that has previously applied AASB 123, unless required to do so by another Standard.
27 When application of this Standard constitutes a change in accounting policy, an entity shall apply the Standard to borrowing costs relating to qualifying assets for which the commencement date for capitalisation is on or after the effective date.
28 However, an entity may designate any date before the effective date and apply the Standard to borrowing costs relating to all qualifying assets for which the commencement date for capitalisation is on or after that date.
28A AASB 2018-1 Amendments to Australian Accounting Standards – Annual Improvements 2015–2017 Cycle, issued in February 2018, amended paragraph 14. An entity shall apply those amendments to borrowing costs incurred on or after the beginning of the annual reporting period in which the entity first applies those amendments.

Effective date
29 An entity shall apply the Standard for annual periods beginning on or after 1 January 2018. Earlier application is permitted for periods beginning after 24 July 2014 but before 1 January 2018. If an entity applies the Standard from a date before 1 January 2018, it shall disclose that fact.
29A [Deleted by the AASB]
29B AASB 2014-7 Amendments to Australian Accounting Standards arising from AASB 9 (December 2014), issued in December 2014, amended paragraph 6 in the previous version of this Standard. An entity shall apply that amendment when it applies AASB 9.
29C AASB 16, issued in February 2016, amended paragraph 6. An entity shall apply that amendment when it applies AASB 16.
29D AASB 2018-1 Amendments to Australian Accounting Standards – Annual Improvements 2015–2017 Cycle, issued in February 2018, amended paragraph 14 and added paragraph 28A. An entity shall apply those amendments for annual reporting periods beginning on or after 1 January 2019. Earlier application is permitted. If an entity applies those amendments earlier, it shall disclose that fact.

Withdrawal of IAS 23 (revised 1993)
30 [Deleted by the AASB]

Commencement of the legislative instrument
Aus30.1 [Repealed]

Withdrawal of AASB pronouncements
Aus30.2 This Standard repeals AASB 123 Borrowing Costs issued in June 2007. Despite the repeal, after the time this Standard starts to apply under section 334 of the Corporations Act (either generally or in relation to an individual entity), the repealed Standard continues to apply in relation to any period ending before that time as if the repeal