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of <h1>AS 6 Depreciation Accounting: Principles for Systematic Asset Depreciation and Disclosure of Policy Changes in Financial Statements.</h1> The Accounting Standard (AS) 6 on Depreciation Accounting outlines the principles for accounting depreciation of assets, excluding certain natural and intangible resources. It defines key terms such as depreciation, depreciable assets, useful life, and depreciable amount. Depreciation is allocated systematically over an asset's useful life, considering factors like historical cost, expected useful life, and residual value. Various methods, such as straight-line and reducing balance, are used to allocate depreciation. Changes in depreciation methods or asset valuations must be disclosed in financial statements, reflecting adjustments in accounting policies. The standard emphasizes consistent application and periodic review of depreciation policies.
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