Useful life limits for depreciation: entities must apply schedule values or disclose and justify permitted deviations under accounting standards. The Schedule prescribes useful lives and residual value principles for computing depreciation (including amortisation): companies complying with prescribed accounting standards may follow Part C lives or disclose and justify different lives; other companies must not adopt longer lives or higher residual values than Part C. Regulatory Authority or Central Government notified lives override the Schedule. Part C provides asset-specific useful lives and industry-specific rates; notes require pro rata treatment on additions/disposals, disclosure of methods and departures, limits on residual value, shift-basis adjustments, and transitional carry-forward treatment.
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Provisions expressly mentioned in the judgment/order text.
Useful life limits for depreciation: entities must apply schedule values or disclose and justify permitted deviations under accounting standards.
The Schedule prescribes useful lives and residual value principles for computing depreciation (including amortisation): companies complying with prescribed accounting standards may follow Part C lives or disclose and justify different lives; other companies must not adopt longer lives or higher residual values than Part C. Regulatory Authority or Central Government notified lives override the Schedule. Part C provides asset-specific useful lives and industry-specific rates; notes require pro rata treatment on additions/disposals, disclosure of methods and departures, limits on residual value, shift-basis adjustments, and transitional carry-forward treatment.
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