Dear All,
A Company ( S co., ) who is reporting to its holding company ( H Ltd ) in China prepares its financial statment in which Fixed assets depreciation is computed as per the policy of the holding company norms as employed in China say for eg 15% on Plant and Machinery . The problem is when we are preparing the statutory accounts of S co., , whether the depreciation rate can be used differently say for eg 10% for the same Plant & Machinery as the schedule VI requires only minimum rate to be followed. Whethe there can be two depreciation for the same asset ?
CAclubindia
