FRS 102: Borrowing costs under UK GAAP
FRS 102 Section 25 sets out the requirements that apply to borrowing costs, including interest expense calculated using the effective interest method, finance charges in respect of finance leases and exchange differences arising from foreign currency borrowings.
The requirements regarding borrowing costs are set out as part of FRS 102. However, individual sections of the standard should not be looked at in isolation as other parts may be relevant.
FRS 102 is regularly updated and amended by the Financial Reporting Council (FRC). For the full text of FRS 102, guidance on which version of the standard to apply and notes on recent amendments, see our main FRS 102 page.
Bloomsbury Accounting and Tax Service
Eligible firms have free access to Bloomsbury Professional's comprehensive online library, comprising more than 60 titles from some of the country's leading tax and accounting subject matter experts. Find out who is eligible and how you can access the Bloomsbury Accounting and Tax Service.
A chapter on borrowing costs - part of a one-stop-shop guide by Steve Collings on all aspects of UK auditing standards and new UK GAAP accounting standards. The chapter shows how to put the standards into practice, covering the scope of UK GAAP, accounting requirements, recognition and measurement, disclosure requirements and auditing borrowing costs.
A chapter on financial reporting of borrowing costs under UK GAAP. This key title by Steve Collings has been comprehensively updated to reflect all changes made to UK and Ireland accounting standards up to November 2022.
A chapter on borrowing costs within the small companies' financial reporting framework and the micro-entities legislation, written by a specialist on small company reporting issues. Recognition of borrowing costs, period of capitalisation and disclosures are discussed, along with helpful real-life examples.
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Model accounts and disclosure checklists for UK GAAP
The ICAEW Library can provide model accounts and disclosure checklists for FRS 101, FRS 102, FRS 102 Section 1A, FRS 103 and FRS 105. The examples and checklists cover a broad range of entities, including small companies, charities, groups, LLPs and micro-companies.
Manuals and handbooks
The ICAEW Library stocks the latest UK GAAP handbooks and manuals. You can browse all our books on FRS 102 and borrowing costs or request any of the following popular titles by contacting us on +44 (0)20 7920 8620, by web chat, or at firstname.lastname@example.org
GAAP 2019: UK reporting – FRS 102 (Volume B)
Deloitte, Croner-i, 2019
Comprehensive manual explaining how to apply FRS 102, with worked examples and extensive interpretation and guidance. The chapter on borrowing costs covers the scope of Section 25, qualifying assets, borrowing costs eligible for capitalisation, period of capitalisation, inventories, and disclosure.
Manual of accounting: UK GAAP
PwC, Lexis Nexis, 2019
Practical guide with worked examples throughout, dealing with day-to-day issues as well as complex questions. The chapter on borrowing costs looks at the definition of borrowing costs, recognition, capitalisation of borrowing costs, presentation, and disclosure.
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