Depreciation

Save Share

This query is : Resolved

Shaik shah (Querist)
Follow

29 April 2015 When the client has charged the full depreciation on fixed assets below rupees 5000, can such has to be reported in audit report for non compliance with schedule II of the companies act 2013, though it has been the new accounting policy of the company

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
Follow

29 April 2015 No issues. If it is the Accounting Policy of the company then same needs to be disclosed in notes to accounts.

Shaik shah

Shaik shah (Querist)
Follow

30 April 2015 my doubt is that:
it is a departure from schedule II of the companies act 2013.
So it has to be qualified in audit report.

Please confirm.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
Follow

30 April 2015 If there is a disclosure in notes to accounts then there is no need to qualify the report.

Shaik shah

Shaik shah (Querist)
Follow

01 May 2015 thank you for your suggestion

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!