California Code of Regulations
Title 2 - Administration
Division 2 - Financial Operations
Chapter 2 - State Controller
Subchapter 3 - Accounting Procedures for Special Districts
Article 5 - Transit Districts
Section 1071.7 - Interest During Construction
Universal Citation: 2 CA Code of Regs 1071.7
Current through Register 2024 Notice Reg. No. 38, September 20, 2024
Interest during the construction period on money borrowed to finance the construction shall be capitalized. However, should circumstances in an individual case justify a different recognition, this departure must be footnoted on the balance sheet. No recognition shall be given to imputed interest.
Income from use of the facility during its construction period is accounted as a decrease in the cost of construction.
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