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Schedule II Of Companies Act 2013

Schedule II Of Companies Act 2013

As per Schedule II, the depreciation to be charged on the basis of the useful life of Asset, unlike the earlier Companies Act, where the rate of depreciation was prescribed instead of the useful life. This Schedule II prescribe the useful life of the Asset and further states that the useful life of an asset shall not ordinarily be different from the useful life specified in the schedule and the residual value of an asset shall not be more than 5% of the original cost (Gross Block) of the asset. Provided that where a company adopts a useful life different from what is specified in the schedule or uses a residual value different from the limit specified above, the financial statements shall disclose such difference and provide justification in this behalf duly supported by technical evidence. *In addition, Schedule II requires disclosure of justification only in case residual value exceeds 5% of the cost (Gross Block).

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