As on 1.4.2014 ,the asset's useful life has become nil but there is a carrying amount of rs.12933039 .So how should we disclose this amount in the financial statements? In line with new provisions for depreciation calculation,do we need to calculate the depreciation retrospectively from the purchase of asset?
thankyou in advance
If the useful life of assets is NIL than you should disclose the carrying amount under reserve and surplus. Also, the change in depreciation method is the propestive effect not from the restropective effect
Regards
Manish Jain
Email:manishjaincfa @ gmail.com
Krea University
Chennai
CA
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