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 and 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 ofour economy, the Companies Act, 2013 was enacted to improve corporategovernance and to further strengthen regulations for the companies. The Acthas introduced some new concepts in the Indian context which are not onlyremarkable but also setting a tone for making our Law at par with the bestInternational Standards and Practices. Further, the Act requires companiesto compute the depreciation in accordance with the Schedule II whichprovides useful lives to compute the Depreciation.
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The Corporate Laws and Corporate Governance Committee (CLandCGC) of theInstitute of Chartered Accountants of India (ICAI) has taken the initiative ofbringing out an Application Guide on the Provisions of Schedule II to the Companies Act, 2013 to provide application guidance to the members of theprofession for implementation of the requirements of Schedule II as it wouldbe required for preparation of financial statements
The Companies Act, 2013 ushers a change for corporate environment andcorporate democracy. The Act seeks to consolidate and amend the lawrelating to the companies taking into consideration best global practices and emerging Indian perspectives.
The provisions governing charge of depreciation in the erstwhile ScheduleXIV to the Companies Act, 1956 have been replaced with Schedule II to theCompanies Act 2013. To facilitate members of the profession understand therequirements for implementation of Schedule II, the Corporate Laws andCorporate Governance Committee has brought out Application Guide onProvisions 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 toSchedule II issued by MCA so far | 45 |
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