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of <h1>New Guidelines for Asset Depreciation Under Companies Bill 2011: Schedule II Specifies Useful Lives and Disclosure Requirements</h1> The statutory provisions outline the guidelines for computing depreciation of assets based on their useful lives, as specified in Schedule II of the Companies Bill, 2011. Depreciation is defined as the systematic allocation of an asset's depreciable amount over its useful life, which is determined by the period an asset is expected to be used or the production units expected. The schedule categorizes assets into various classes, such as buildings, roads, machinery, vehicles, ships, aircraft, and more, each with specified useful lives. Companies must disclose any deviations from these prescribed useful lives and residual values, and calculate depreciation on a pro-rata basis for additions or disposals within a financial year.
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