Subject Area: Accounting
Responsible Office: Financial Services
Sponsor: Associate Vice President for Finance
Originally Issued: October 1992
Revised: March 1997, January 2010
Refer Questions To: James Ribikawskis, 773-702-3690
Purpose: The University may incur interest costs during the course of operations.
Policy
Financial Services is responsible for accounting for all interest costs in accordance with the applicable financial accounting guidance. Generally these standards provide that all interest costs will be recorded as an expense when incurred, except when capitalized as part of the historical cost of aquiring certain assets. (See Financial Policy No. 1004.8).