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Depreciation as per companies act, 2013

Ekta (Practicing CS) (423 Points)

15 March 2014

My query is Schedule II of Companies Act, 2013 that is for Depreciation has become effective or not? and if applicable and effective, from which year it is to be calculated? for the year 2013-14 or next year 2014-15?? please reply.

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7 Replies

P C Agrawal (Registered independent director Past Chairman of Aurangabad Chapter of ICSI Practicing Company Secretary at Aurangabad) (8229 Points)
Replied 16 March 2014

It has not yet come into force. Let us wait for the notifications and clarifications.

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Ekta (Practicing CS) (423 Points)
Replied 18 March 2014

Thank you v. much sir for information.

Ekta (Practicing CS) (423 Points)
Replied 02 April 2014

@ Agrawal Sir,

Now Schedule II of CA, 2013 has been notified, so now for which year depreciation is to be calculated as per Sch. II of CA, 2013?? For F. Y. 2013-14 or F. Y. 2014-15???

P C Agrawal (Registered independent director Past Chairman of Aurangabad Chapter of ICSI Practicing Company Secretary at Aurangabad) (8229 Points)
Replied 02 April 2014

Notification is silent on this. Since the accounts will be approved by Board in its meeting on 1.4.2014 or thereafter, it is presumed that it will be applicable for FY 2013-14.