How to bring the asset into books which was purchased earlie

Dear All,

1. a company had purchased an asset 5 years ago on credit basis and dint brought into the books even the asset is being put into the use in the year in which it was brought....

2.This year the company wants to capitalise the asset.....In this regard request you to the explain the following

1. How to capitalise the asset...how to charge depreciation for the used period...

2. relavance of the accounting standards in this regard...

Thanks,

Regards,

Vamshi.