July 2012
Beginner to intermediate
256 pages
6h 54m
English
book
IPSAS Explained: A Summary of International Public Sector Accounting Standards, 2nd Edition
by Thomas Muller-Marques Berger
Content preview from IPSAS Explained: A Summary of International Public Sector Accounting Standards, 2nd Edition
Interest on overdraft facilities or short-term and long-term borrowings;
Amortization of discounts or premiums relating to borrowings;
Amortization of ancillary costs incurred in connection with the arrangement of borrowings;
Finance charges for finance leases; and
Exchange differences arising from foreign currency borrowings to the extent that they qualify as an adjustment to interest costs.
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IPSAS 5: Borrowing Costs
Objective
IPSAS 5 governs the accounting treatment for borrowing costs. In general, it requires borrowing costs to be expensed immediately, but does permit, as an allowed alternative treatment, the capitalization of borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset.
The IFRS on which the IPSAS is based
IAS 23, Borrowing Costs
Content
Principal definitions
Borrowing costs are interest and other expenses incurred by an entity in connection with the borrowing of funds. Borrowing costs may include
Interest on overdraft facilities or short-term and long-term borrowings;
Amortization of discounts or premiums relating to borrowings;
Amortization of ancillary costs incurred in connection with the arrangement of borrowings;
Finance charges for finance leases; and
Exchange differences arising from foreign currency borrowings to the extent that they qualify as an adjustment to interest costs.
A
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