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Statement No. 58 Capitalization of Interest Cost in Financial Statements That Include Investments Accounted for by the Equity Method-an amendment of FASB Statement No. 34 STATUS Issue Date: April 1982 Effective Date: For investments made after June 30, 1982 but optional for investments contracted for but not yet made at that date Affects: Amends ARB 51, paragraph 10 Amends APB 18, paragraph 19(m) Amends APB 20, paragraph 34 Amends FAS 34, paragraphs 9, 10, and 20 Affected by: No other pronouncements Abbreviations for Accounting Pronouncements FAS - FASB Statements FIN - FASB Interpretations FTB - FASB Technical Bulletins APB - APB Opinions AIN - AICPA Interpretations ARB - Accounting Research Bulletins CON - FASB Concepts EITF - EITF Issues Q&A - FASB Implementation Guides SUMMARY This Statement amends FASB Statement No. 34, Capitalization of Interest Cost, (1) to limit capitalization of consolidated interest cost to qualifying assets of the parent company and consolidated subsidiaries and (2) to include investments (equity, loans, and advances) accounted for by the equity method as qualifying assets of the investor while the investee has activities in progress necessary to commence its planned principal operations provided that the investee's activities include the use of funds to acquire qualifying assets for its operations. This Statement does not affect the accounting for and reporting of capitalized interest cost in the separate financial statements of investees. Copyright by Financial Accounting Standards Board. All Rights Reserved. Used by Permission.
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