Interest Income
Code: 4201
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Account Information
| Account Type | Income Statement |
| Normal Balance | Credit |
Definition
Income earned from interest on deposits and loans granted
Sub-accounts
4211
Bank Interest Income
International Accounting Standards
IFRS
IFRS 9 / IAS 32
Financial Instruments
Interest income using effective interest method. Presented in profit or loss.
US GAAP
ASC 310
Receivables
Interest recognised on accrual basis. Effective interest method preferred.