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1. May i know what is the difference between ready for use and available for use ?
for IAS 16 &; IAS 38, asset or intangible asset will be depreciated / amortized when they are both ready for use / available for use ?
2. in IAS 23, finance cost will be capitalized if they are directly attributable to the asset being constructed. Whether it’s self constructing ( by the entity itself) or being constructed by 3rd party, any finance cost will be capitalized ?
1. Both IAS 16 and 38 say “available for use”.
2. IFRSs are applied by the reporting entity. If AB Co is the reporting entity and it has a qualifying asset it will capitalise interest. If XY Co is constructing an asset for AB Co it will be XY Co that accounts for the costs of construction (including interest) – AB Co will account for the costs of acquiring the constructed asset.
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