13 April 2015
whether life as per new sch. is max. life ? what is the treatment of assets which are carrying over in b/s from last many years i.e. 6 or 7 years . should we completely write off that assets whose life has already been expired as per new sch.
13 April 2015
Assets whose useful life as per Schedule II of Companies Act 2013 has expired on 01.04.2014, should be fully depreciated by charging the balance amount to retained earnings.
You may opt for a different useful life than that of schedule II by way of disclosure in notes to accounts along with proper justification.
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