• 2024 Issued Standard – IAS 23
  The 2024 Issued Standards include all amendments issued up to and including 31 December 2023.

Registration is required to access the free version of the Issued Standards, which do not include additional documents that accompany the full standard (such as illustrative examples, implementation guidance and basis for conclusions).

Note that the Issued Standards contain amendments that have a mandatory effective date that is later than 1 January 2024. Find details of the effective dates of amendments to this Standard in the Recent Amendments section below.

Borrowing costs are those interest costs (including related exchange differences) that are directly attributable to the acquisition, construction or production of a qualifying asset.

• A qualifying asset is an asset that takes a substantial period of time to get ready for its intended use.
• Borrowing costs, in relation to qualifying assets are capitalised where they arise during the period that the asset is being prepared for use or sale.

All amendments issued up to and including 31 December 2023 are included within the IFRS Foundation’s latest version of the issued standard: 2024 Issued Standard – IAS 23. Issued amendments may have a mandatory effective date that is later than 1 January 2024 – see individual amendments for details.

Any amendments issued on or after 1 January 2024 will not be included in the IFRS Foundation’s 2024 Issued Standards but will be listed below and identified as such.

See the Corporate Reporting Faculty’s annual IFRS factsheets for a more detailed discussion of recent IFRS amendments.

• IFRIC 1 Existing Decommissioning, Restoration and Similar Liabilities
  Addresses accounting for a change in a provision that is included in the carrying amount of an item of PPE.
• IFRIC 12 Service Concession Arrangements
  Accounting guidance for arrangements where a contract is granted for the supply of public services such as roads.