Standards
Summary of Statement No. 62
Capitalization of Interest Cost in Situations Involving Certain Tax-Exempt Borrowings and Certain Gifts and Grants--an amendment of FASB Statement No. 34 (Issued 6/82)
Summary
This Statement amends FASB Statement No. 34, Capitalization of
Interest Cost, (a) to require capitalization of interest cost
of restricted tax-exempt borrowings less any interest earned on
temporary investment of the proceeds of those borrowings from the
date of borrowing until the specified qualifying assets acquired
with those borrowings are ready for their intended use and (b) to
proscribe capitalization of interest cost on qualifying assets
acquired using gifts or grants that are restricted by the donor or
grantor to acquisition of those assets.
Additional Details
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