(2)On 29 March 2007, the International Accounting Standards Board (IASB) published a revised International Accounting Standard (IAS) 23 Borrowing costs, hereinafter ‘revised IAS 23’. The revised IAS 23 eliminates the option in IAS 23 of recognising borrowing costs immediately as an expense to the extent that they are directly attributable to the acquisition, construction or production of a qualifying asset. All such borrowing costs shall be capitalised and form part of the cost of the asset. Other borrowing costs should be recognised as an expense. The revised IAS 23 supersedes IAS 23 Borrowing costs revised in 1993.