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Your client is in the planning phase for a major plant expansion, which will involve the construction of a new warehouse. The assistant controller does not believe that interest cost can be included in the cost of the warehouse, because it is a financing expense. Others on the planning team believe that some interest cost can be included in the cost of the warehouse, but no one could identify the specific authoritative guidance for this issue. My job here is to find out who is right and make the proper decision based off of FASB codification.
1. Discuss which assets qualify for interest capitalization and references the proper FASB codification.
2. Is there a limit to the amount of interest that may be capitalized in a period? Provide reference.
3. If interest capitalization is allowed, what disclosures are required? Provide reference
Any and help is appreciated. I have been able to find random things across google but not the codification manual itself.
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