FASB ASC 835 – Interest
The Financial Accounting Standards Board (FASB) released the 800 section of the Accounting Standards Codification for the purpose of discussing broad topics.
Accounting Standards Codification 835 (ASC 835) was released to address the more specific topic of interest. This covers many aspects of this including how it is calculated, imputing it in notes receivable/payable, and those instances in which interest can be capitalized.
Interest is a very common item utilized in banking, leasing, and construction. We also have more information, if you are not familiar with the concept of capitalized interest.
For more in depth information on this and other FASB ASC topics, check out the following books.
Accounting made easy, for FREE!
Access the contact form and send us your feedback, questions, etc. We are always welcome to help someone out. You can also contact us if you wish to submit your writing, cartoons, jokes, etc. and we will consider posting them to share with the world! The Facebook and LinkedIn groups are also good areas to find people interested in accounting like yourself, don’t hesitate to join as everyone of all levels are welcome to become part of the community.