how company record its financial information like depreciation rate,etc
and if there is changes in depreciation rate how company record it ??
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How company record its financial information
Replies (4)
Financial Information like Depreciation rates as mentioned in your query, is part of Company Policy which is required to be disclosed in the Financial Statement.
As per revised Accounting Standard as well as Ind AS & IFRS, any change in rates will be treated as change in accounting estimates and will be accounted prospectively, unlike earlier practice of treating it as change in account policy and retrospectively accounting,
In financial statements : notes to account ??
Yes notes to accounts. Disclosure of Significant Accounting Policies.
Company record its financial information as per norms pescribed in annual accounts guided by icai and policies as followed from time to time.
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