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Home Acts & Rules Direct Taxes Rules Accounting Standards U/s 145(2) Chapters List Old - ICDS for AY 2016-17 (Since withdrawn) This
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ICDS - 09 (old) - Borrowing Costs - only for AY 2016-17 - Accounting Standards U/s 145(2)

Extract

..... shall prevail to that extent. Scope 1. (1) This Income Computation and Disclosure Standard deals with treatment of borrowing costs. (2) This Income Computation and Disclosure Standard does not deal with the actual or imputed cost of owners' equity and preference share capital. Definitions 2. (1) The following terms are used in this Income Computation and Disclosure Standard with the meanings specified: (a) "Borrowing costs" are interest and other costs incurred by a person in connection with the borrowing of funds and include: (i) commitment charges on borrowings; (ii) amortised amount of discounts or premiums relating to borrowings; (iii) amortised amount of ancillary costs incurred in connection with the arrangement of borr .....

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ICDS - 09 (old) - Borrowing Costs - only for AY 2016-17 - Accounting Standards U/s 145(2)

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..... ion of a qualifying asset, the amount of borrowing costs to be capitalised on that asset shall be the actual borrowing costs incurred during the period on the funds so borrowed. 6. To the extent the funds are borrowed generally and utilised for the purposes of acquisition, construction or production of a qualifying asset, the amount of borrowing costs to be capitalised shall be computed in accordance with the following formula namely : - A X B C Where A = borrowing costs incurred during the previous year except on borrowings directly relatable to specific purposes; B = (i) the average of costs of qualifying asset as appearing in the balance sheet of a person on the first day and the last day of the previous year; (ii) in case the qualifying .....

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ICDS - 09 (old) - Borrowing Costs - only for AY 2016-17 - Accounting Standards U/s 145(2)

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..... lete. 9. When the construction of a qualifying asset is completed in parts and a completed part is capable of being used while construction continues for the other parts, capitalisation of borrowing costs in relation to a part shall cease: - (a) in case of part of a qualifying asset referred to in item (i) and (ii) of clause (b) of sub-paragraph (1) of paragraph 2, when such part of a qualifying asset is first put to use; (b) in case of part of inventory referred to in item (iii) of clause (b) of sub-paragraph (1) of paragraph 2, when substantially all the activities necessary to prepare such part of inventory for its intended sale are complete. Transitional Provisions 10. All the borrowing costs incurred on or after 1st day of April, 2015 .....

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ICDS - 09 (old) - Borrowing Costs - only for AY 2016-17 - Accounting Standards U/s 145(2)

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