What is NAS No. 24?
Also known as: Accounting for Borrowing Costs
NAS No. 24 “Accounting for Borrowing Costs” sets the procedure for accounting for interest and other costs on bank loans and borrowings. Borrowing costs directly attributable to the acquisition, construction or production of a qualifying asset (an asset that takes a substantial period of time to get ready for use) are added to the cost of that asset (capitalized). For foreign readers: broadly corresponds to IAS 23 “Borrowing Costs”. Approved by Order No. 79 of the Minister of Finance dated 5 August 2009 (registered with the Ministry of Justice on 18.08.2009, No. 1996).