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.

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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.

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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.NoContentPage No.
1Introduction1
2Objective2
3Scope2
4Shift from Rate based Guidance to Useful Life2
5Assessment of Useful Life and Residual Value5
6Useful Life or Residual Value governed by other Regulatory
Authority
7
7Depreciation for Intangible Assets7
8Component Accounting8
9 Continuous process plane12
10Double/triple shift working12
11Transitional Provision under Schedule II13
12Charging of depreciation in case of revaluation of Assets14
13Practical Examples15
Annexures
14Annexure A – Schedule II to the Companies Act, 201323
15Annexure B – Schedule XIV to the Companies Act, 195632
16Annexure C – Circulars and Notifications related to Schedule II issued by MCA so far45

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