Urgent....please help...
This query is : Resolved
14 December 2018
Dear All,
We are preparing a Balance Sheet of a Government Department from 2011-12 to 2014-15. Now in FY 2014-15, a new depreciation rate was prescribed as per Companies Act 2013. The Problem is that if we start applying this new rule of depreciation it will consume a lot of time since the company has 300 individual units whose balance sheets are first prepared individually & then got consolidated. Also the details like actual purchase date etc. are all very difficult to extract.
Is there a way out so that we continue with older applicable rates by mentioning it in notes in accounts or some other way which saves our time.
Thanks in advance.
Amit Jain
We are preparing a Balance Sheet of a Government Department from 2011-12 to 2014-15. Now in FY 2014-15, a new depreciation rate was prescribed as per Companies Act 2013. The Problem is that if we start applying this new rule of depreciation it will consume a lot of time since the company has 300 individual units whose balance sheets are first prepared individually & then got consolidated. Also the details like actual purchase date etc. are all very difficult to extract.
Is there a way out so that we continue with older applicable rates by mentioning it in notes in accounts or some other way which saves our time.
Thanks in advance.
Amit Jain
CA R SEETHARAMAN
(Expert)
14 December 2018
Continue with older applicable rates by mentioning it in notes in accounts.
14 December 2018
but i have read that in case you adopt some other depreciation rates then it should be supported by technical advice.
How to obtain this technical advice.
How to obtain this technical advice.
CA R SEETHARAMAN
(Expert)
14 December 2018
Obtain technical advice from concern engineer.
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