Change in method of depriciation
This query is : Resolved
CA ROHIT KUMAR SAMAR
(Querist)
21 February 2008
if any company has changed its accounting policy i.e. from wdv to straight line method on year end(31-03-2008) then whether loss on sale of machinary ,sold on 01-10-2007 & depriciation thereon is liable to change retrospectively or not, is retrospective change is required to be given on existing machine on year end only
CA. GOPAL SONIKA
(Expert)
21 February 2008
The retrospective change is to be given to the asset sold during that financial year.
The retrospective change is not necessarily to be given on year end only.
The retrospective change is not necessarily to be given on year end only.
21 February 2008
IF THERE IS CHANGE IN METHOD OF DEPRICIATION IT SHOULD BE CONSIDERED RETROSPECTIVELY IRRESPECTIVE WHETHER THE ASSET SOLD DURING THE YEAR OF AT YEAR END
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