Depreciation on library books
This query is : Resolved
29 May 2015
What is the useful life of Library Books maintained at educational institutions as per Companies Act, 2013?
Thanks in advance.
Thanks in advance.
Amol S Joglekar
(Expert)
29 May 2015
Companies Act has nothing to do with finding out the useful life. It is the domain of either manufacturer of the asset or chartered engineer.
In this particular case, a LIBRARIAN may be considered as appropriate if not ultimate person to tell the useful life.
In this particular case, a LIBRARIAN may be considered as appropriate if not ultimate person to tell the useful life.
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01 June 2015
Companies Act, 2013 has specified useful life for various assets such as Furniture and Fittings, Office Equipments, Buildings, Etc., in Schedule II. But it has not specified useful life for Library Books maintained at Educational Institutions in Schedule II. In this scenario, how the depreciation to be calculated for library books?
Amol S Joglekar
(Expert)
04 June 2015
That is what I tried to tell....the proper person to narrate the useful life of the asset is the TECHNICAL guy. In case of books, the apt would be LIBRARIAN or technical expert to decide the useful life.
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