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Depreciation - retrospectively or prospectively
we estimated a new useful life of an assets. whether the depreciation applied retrospectively or prospectively?
Replies (3)
Prospectively as per revised AS 10- PPE
propectively
Useful life is already provided in Sch II of Co. Act,2013.
You can't have different useful life unless there is some technical feasibility.
As far as the Depreciation is concerned,it will be calculated prospectively.
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