Whether change in useful life of asset as per schedule ii of comapnies act, 2013 is treated to be a change in accounting policy?
Whether the impact of change in depreciation as per shedule II and old schedule XIV is to be disclosed in notes to accounts?
No, it will not be treated as change in accounting policies...because this changes is coming from the change in law not from the management decision so the company need not to disclose the change in accounitng policy under notes on account.
Regards
Manish Jain
Email:manishjaincfa @ gmail.com
Factory has taken trial production in the Month of January 2015 and it was sold commercially. Factory license is effective from June 2015
Query 1) Whether depreciation can be claimed since machinery was put to use for trial production ?
2) Whether date of factory license would get any impact on claiming of depreciation ?
CAclubindia
