Breaking News

Application Guide on the Provisions of the Schedule II

CAknowledge

Application Guide on the provisions of the Schedule II to the Companies Act, 2013. Download Schedule II as per Companies act 2013, Find all provisions related to Schedule II as per companies act 2013. The Corporate Laws & Corporate Governance Committee of the Institute of Chartered Accountants of India has issued the Application Guide on the provisions of the Schedule II to the Companies Act, 2013. For the benefit of the members, complete text of the Application Guide can be downloaded by clicking the link given below and Check Complete details for Applicability of Schedule II of Companies Act 2013. Now you can scroll down below and check complete details regarding  Application Guide on the provisions of the Schedule II to the Companies Act, 2013.

If you like this article then please like us on Facebook so that you can get our updates in future ……….and subscribe to our mailing list ” freely “

Recommended Articles

Application Guide on the Provisions of the Schedule II

Application Guide on the Provisions of the Schedule II

Keeping in view the changing economic environment as well as the growth of our economy, the Companies Act, 2013 was enacted to improve corporate governance and to further strengthen regulations for the companies. The Act has introduced some new concepts in the Indian context which are not only remarkable but also setting a tone for making our Law at par with the best International Standards and Practices. Further, the Act requires companies to compute the depreciation in accordance with the Schedule II which provides useful lives to compute the  Depreciation.

The Corporate Laws & Corporate Governance Committee (CL&CGC) of the Institute of Chartered Accountants of India (ICAI) has taken the initiative of bringing out an Application Guide on the Provisions of Schedule II to the  Companies Act, 2013 to provide application guidance to the members of the profession for implementation of the requirements of Schedule II as it would be required for preparation of financial statements

The Companies Act, 2013 ushers a change for corporate environment and corporate democracy. The Act seeks to consolidate and amend the law relating to the companies taking into consideration best global practices and  emerging Indian perspectives.

The provisions governing charge of depreciation in the erstwhile Schedule XIV to the Companies Act, 1956 have been replaced with Schedule II to the Companies Act 2013. To facilitate members of the profession understand the requirements for implementation of Schedule II, the Corporate Laws & Corporate Governance Committee has brought out Application Guide on Provisions of Schedule II to the Companies Act, 2013.

Index

S.No Content Page No.
1 Introduction 1
2 Objective 2
3 Scope 2
4 Shift from Rate based Guidance to Useful Life 2
5 Assessment of Useful Life and Residual Value 5
6 Useful Life or Residual Value governed by other Regulatory
Authority
7
7 Depreciation for Intangible Assets 7
8 Component Accounting 8
9  Continuous process plane 12
10 Double/triple shift working 12
11 Transitional Provision under Schedule II 13
12 Charging of depreciation in case of revaluation of Assets 14
13 Practical Examples 15
Annexures
14 Annexure A – Schedule II to the Companies Act, 2013 23
15 Annexure B – Schedule XIV to the Companies Act, 1956 32
16 Annexure C – Circulars and Notifications related to Schedule II issued by MCA so far 45

Download Complete File From Below Link

Download App. Guide on the Provisions of the Schedule II

Ask Your Query

About Raju Choudhary

Article by Raju Choudhary Raju has written 537 articles. If you like This post, you can follow CAknowledge on Twitter. Subscribe to CAknowledge feed via RSS or EMAIL to receive instant updates.

Leave a Reply

Your email address will not be published. Required fields are marked *