As 6
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This document discusses depreciation accounting standards in India. It defines depreciation as the wearing out, consumption or loss of value of an asset due to use, time, or obsolescence. Depreciable assets have a limited useful life. The document outlines the causes and needs for depreciating assets, and factors to consider such as cost, useful life, and residual value. It describes common depreciation methods like straight-line and written down value, and notes disclosure requirements for depreciation policies in financial statements.
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Depreciation
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Depreciation with different methods
Depreciation is the gradual decrease in the value of an asset over time due to factors like wear and tear, damage, obsolescence, or age. It is calculated annually and deducted from the value of the asset to reflect its usage and reduced resale value. There are several methods for calculating depreciation, including straight-line, diminishing balance, and sum of years digits, with straight-line being the most common and simplest approach of evenly deducting depreciation over the asset's useful life. Depreciation is an important accounting concept that helps match the cost of long-term assets to the periods that benefit from their use.
Indian accounting standard (ind as) 27
Indian Accounting Standard (Ind AS) 27 requires that a parent company present consolidated financial statements that consolidate its investments in subsidiaries according to the standard. The consolidated financial statements must follow the form set out in Appendix C to the standard or be as similar as possible given the circumstances. The standard applies when a parent is a company.
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IAS 24 outlines disclosure requirements for related party transactions. It requires entities to disclose (1) transactions with related parties, and (2) relationships between parents and subsidiaries, regardless of whether transactions occurred. Related parties include people or entities that control or significantly influence the reporting entity. Disclosures are intended to draw attention to potential effects of related party transactions on the entity's financial position and profit/loss.
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As26
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As 18 presentation
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Ias 28 investments in associates
- Investments in associates are initially recognized at cost and subsequently adjusted to recognize the investor's share of the associate's profit or loss and other comprehensive income.
- The carrying amount is reduced by any dividends received from the associate. Gains or losses on revaluation of property, plant and equipment and foreign exchange differences are also adjusted.
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As 6
- 1. DEPRECIATION WEAR AND TEAR
- 17. Have a limited useful life
- 18. Held by an enterprise for use in the production or supply of goods and services
- 19. The period over which a depreciable asset is expected to be used by the enterprise
- 21. By expiry of time
- 22. By obsolescene
- 23. By depletion
- 24. Permanent fall in price
- 26. For showing asset at fair and true value in the balance sheet.
- 27. Provision of funds for replacement of assets.
- 28. Ascertaining accurate cost of production.
- 30. Estimated useful life of the asset.
- 31. Estimated scrap value.
- 32. Chances to obsolescene.
- 33. Addition to assets.
- 36. Passage of time ACCIDENT PERMANENT FALL IN PRICE
- 37. NEEDS Determination of net profit or net loss. Showing assets at fair and true value in the balance sheet. Provision of funds for replacement of assets. Ascertaining accurate cost of production. Distribution of dividend out of profit only. Avoiding over payment of income tax.
- 38. FACTORS OF DETERMINATION OF DEPRECIATION Original cost of fixed asset i.e., purchase price plus freight and installation expenses. Estimated amount of expenditure on repairs during the useful life. Estimated useful life of asset after which it will be discarded. Estimated residual or scrap value. Possibility of obsolescence. Interest on investment-the amount invested on purchase of asset, if it had been invested in some other investment what interest would have been earned.
- 43. STRAIGHT LINE METHOD DISADVANTAGES It ignores the fact that the service yielding ability of the asset fall while the repairs & maintenance cost increase with the passage of time. If an additional asset is acquired, the amount to be charged as depreciation needs to be calculated. ADVANTAGES It is simple to calculate & easy to understand. It can reduce the book value of the asset to zero. The valuation of the asset each year in the balance sheet is reasonably fair.
- 44. WRITTEN DOWN VALUE METHOD Amount of depreciation goes on declining every year and is recognized by income tax law. LIFE OF ASSETS
- 46. Balanced effect on profit or loss account of different years.
- 47. Approved method by income . . tax authorities.
- 48. Logical method.
- 50. No funds for replacement.
- 51. Loss of interest.
- 52. Higher rate of depreciation.
- 54. Disclosure in the F.S The depreciation methods used The total depreciation for the period for each class of assets The gross amount of class of assets and related accumulated depreciation Other accounting policies ( relevant to depreciation) The depreciation rates or useful lives of assets if they are different from principal rates A change in the method of depreciation is considered as a change in accounting policy
- 56. Depreciation should be provided on immovable assets
- 57. The number of shifts (double or multiple) for which the assets has been used should be considered for depreciation
- 59. 2. Different accounting policies for depreciation are adopted by different enterprises. Disclosure of accounting policies for depreciation followed by an enterprise is necessary to appreciate the view presented in the financial statements of the enterprise.