If an entity's WIP has turned into Fixed Asset 2 years ago, but they failed to recognise in that year. They have capitalised it in current year. If the life of asset is 20 years, will it be fair to record the life of asset as 18 years from the current year onwards ?
Menu
Life of Capital Asset
Replies (1)
Yes , in my opinion it should be 18 years ,if asset was utilised for last two years for business purposes and depreciation calculation.
Recent Threads
- Excess Payment on RCM
- AOC4 auto population of previous year data
- Exports against INR PO payable by Domestic Company
- Which websites are best for government exam prepar
- TDS on maturity payment of LIC of india
- ITR2 Gold ETF short and long term
- Query under faceless assessment
- Purchase of business
- Refund of ITC for advance paid to overseas supplie
- Clubbing query (when gifts given to multiple fami
Related Threads
CAclubindia
