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.
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