Depreciation
This query is : Resolved
subramanya.hm
(Querist)
29 August 2009
Dear sir
Can we change the Depreciation method of the company as and when we required? i e. SLM to WDV, or Vice versa. If Not Why.
Thanks
H M SUBRAMHANYA
Can we change the Depreciation method of the company as and when we required? i e. SLM to WDV, or Vice versa. If Not Why.
Thanks
H M SUBRAMHANYA
Ankur Garg
(Expert)
29 August 2009
Yes you can change.
Adaptation of different method of depreciation is either required by statue or to comply with accounting standard. It i considered that change would result in more appropriate presentation of financial statement.
What is the requirement?
If you are going to change any accounting policy the disclosure for the same should be given in your financial statement along with the affect of such change (i.e. the amount by whic your asset will appreciate in value by changing the method of depreciation)
Adaptation of different method of depreciation is either required by statue or to comply with accounting standard. It i considered that change would result in more appropriate presentation of financial statement.
What is the requirement?
If you are going to change any accounting policy the disclosure for the same should be given in your financial statement along with the affect of such change (i.e. the amount by whic your asset will appreciate in value by changing the method of depreciation)
29 August 2009
But for IT purpose you have to calculate depreciation by WDV only
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