Depreciation
This query is : Resolved
NEHACHANANA
(Querist)
04 February 2013
can a company charge dep. on its fixed assets as per slm taking useful lives of its assets as follows
computers 3yrs.
all other assets 5yrs.
also tell me how the useful life of the asset be ascertained.
computers 3yrs.
all other assets 5yrs.
also tell me how the useful life of the asset be ascertained.
Amol S Joglekar
(Expert)
04 February 2013
To ascertain the useful life of the asset is the domain of engineers / valuers. Normally the manufacturers give the useful life. Your query is very important from the perspective of IFRS. The company may follow a different depreciation policy other than mentioned in Companies Act.
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