DEPRICATION ON LAND & BULDING
This query is : Open
16 February 2009
FOR THE PURPOSE OF CHARGING DEPRICATION UNDER THE COMPANIES ACT WHAT RATE OF DEP. SHOULD APPLY ON LAND & BULDING.OR IT IS POSSIBLE TO NOT DEPRICIATE THE ITEM BECAUSE IT ACCOMPAINED WITH THE NON DEPRICAITE ITEM. PLS TELL ME THE PROCEDURE OF CHARGING THE DEP. ON LAND & BULDING.
16 February 2009
You must have valulation of land & building with you, if not then you need to get the valulation done for depreciation purpose.
In case if you does not charged the depreciation on the land & building b'coz "IT ACCOMPAINED WITH THE NON DEPRICAITE ITEM" as you said then if financial statement does not comply with accounting standard & will not show true & fair view as required as per companies act. Also auditor will make observation in his Audit Report for that.
In case if you does not charged the depreciation on the land & building b'coz "IT ACCOMPAINED WITH THE NON DEPRICAITE ITEM" as you said then if financial statement does not comply with accounting standard & will not show true & fair view as required as per companies act. Also auditor will make observation in his Audit Report for that.
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