Change in Depreciation Rates
This query is : Resolved
nikhil bapat
(Querist)
11 September 2009
A Co has been depreciating its assets on WDV. However, depreciation rates used are different from those prescribed under Companies Act
If the Co adopts in the current year depreciation rates prescribed under Companies Act, keeping the method of depreciation as WDV, what disclosures are required as per Accounting Standards???
If the Co adopts in the current year depreciation rates prescribed under Companies Act, keeping the method of depreciation as WDV, what disclosures are required as per Accounting Standards???
P B Srivathsan
(Expert)
13 September 2009
Rationale behind the reason for change in rate and the fact that the rate has changed should be disclosed in the notes to accounts. The impact of the change in the rate should be given in current year.
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