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Depreciation

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11 June 2012 A Pvt co used to charge depreciation under wdv method using income tax rates, now it wants to charge depreciation using rates provided under the companies act. Does it constitute a change in accounting policy? How will the difference arising from retrospective calculation be treated under the revised sch-VI? What additional disclosures are required fro the same..

Regards,
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CA Himanshu Sharma

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CA Himanshu Sharma (Expert)
11 June 2012 mere change in the rates of depreciation dsnt amount to change in accounting policy.

diff arising in retrospective calculation is adjusted in p&l a/c.
in disclosure u have to mention that u have change ur rates of dep. reason behind them and wats the effect of changes in dep rates
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
19 July 2023 "Sorry, I am not a featured member."

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