https://www.taxtmi.com/acts?id=14679 Depreciation requires systematic allocation of an asset's depreciable amount over its estimated useful life, based on historical cost or substituted amount, useful life and residual value. Useful life is an estimate affected by legal limits, physical wear, usage and obsolescence and must be reviewed periodically; revisions require prospective allocation of the remaining unamortised amount. Methods (e.g., straight-line or reducing balance) must be applied consistently; changes are treated as accounting policy changes, recalculated from asset commissioning with adjustments and disclosed. Financial statements must disclose methods, depreciation totals, accumulated depreciation and relevant cost or revalued amounts. en-us Sat, 04 Jun 2011 11:29:45 +0530 Mon, 18 Apr 2016 22:49:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=14679 Depreciation requires systematic allocation of an asset's depreciable amount over its estimated useful life, based on historical cost or substituted amount, useful life and residual value. Useful life is an estimate affected by legal limits, physical wear, usage and obsolescence and must be reviewed periodically; revisions require prospective allocation of the remaining unamortised amount. Methods (e.g., straight-line or reducing balance) must be applied consistently; changes are treated as accounting policy changes, recalculated from asset commissioning with adjustments and disclosed. Financial statements must disclose methods, depreciation totals, accumulated depreciation and relevant cost or revalued amounts. Act-Rules Companies Law Sat, 04 Jun 2011 11:29:45 +0530 https://www.taxtmi.com/acts?id=14679