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of <h1>ICAI Circular on AS 6: Guidelines for Depreciation Accounting Under Companies Act, 1956 and Schedule XIV Rates.</h1> The circular issued by the Institute of Chartered Accountants of India outlines Accounting Standard (AS) 6 on Depreciation Accounting, which applies to all entities, including companies, unless specific requirements under the Companies Act, 1956 dictate otherwise. It emphasizes compliance with statutory provisions for depreciation calculation, particularly sections 205 and 350. The Companies (Amendment) Act, 1988, amended section 350, making Schedule XIV rates applicable for depreciation. The circular discusses methods of charging depreciation, disclosure requirements, adoption of different methods for different assets, and changes in depreciation methods. It also addresses the applicability of Schedule XIV rates, pro rata depreciation, and treatment of depreciation on low-value items and revalued assets.
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