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of <h1>Understanding Depreciation: Schedule II of Companies Act 2013 Sets Rules for Asset Life and Value</h1> Schedule II of the Companies Act, 2013 outlines the method for calculating depreciation on assets. Depreciation refers to the allocation of an asset's depreciable amount over its useful life. The schedule specifies that the useful life of an asset should generally align with the periods listed in Part C, with residual value capped at 5% of the asset's original cost. Companies must disclose and justify any deviations from these standards in their financial statements. For intangible assets, specific accounting standards apply, with particular provisions for assets in public-private partnerships. Detailed useful life spans for various tangible assets are also provided.
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