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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 STATUS Issue Date: June 1982 Effective Date: For tax-exempt borrowing arrangements entered into and gifts or grants received after August 31, 1982 Affects: Amends FAS 34, paragraphs 10, 13, and 17 Supersedes FTB 81-5 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, (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. Copyright by Financial Accounting Standards Board. All Rights Reserved. Used by Permission.
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