Tax990 Knowledge Base

What is meant by FASB ASC 958?

The Accounting Standards Codification (ASC) of the Financial Accounting Standards Board (FASB) is the source of generally accepted accounting principles recognized by the FASB to be applied by non-governmental entities. The ASC 58 amends statement no.34 of the FASB to limit the capitalization on the combined interest costs to the qualifying assets of the parent company and to include investments accounted for by the equity method as qualifying assets.