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After bringing Application Guide on the provisions of Schedule-II of the Companies Act, 2013 , the Institute of Chartered Accountants of India (ICAI), with a view to provide an authoritative position of the Council of the Institute on the issues arising out of Schedule II to the Companies Act, 2013, has formulated a Guidance Note on Accounting for Depreciation in companies in the context of Schedule II to the Companies Act, 2013.
GN (A) 35 As per ICAI, though Accounting Standard (AS) 6, Depreciation Accounting has already been issued by it, in the case of companies, some issues arising out of the practical application of Schedule II to the Companies Act, 2013, in the context of AS 6 necessitated this Guidance Note. The Guidance Note provides guidance on multiple shift depreciation, revaluation of assets, as well as component approach besides providing guidance on estimation of residual value, depreciation on low value items, pro rata depreciation etc. Few illustrations have also been included with view to provide guidance on application of the principles provided in the Guidance Note
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