24 May 2013
A company has been charging depreciation as per Company law rates till 31.03.2012. Now the management is of the opinion that the said rates have to be increased. Can you please tell me what the accounting treatment will be. Is this just a case where the company can go ahead and charge the said higher depreciation on the written down value of the assets as on 1.04.2013 or anything else needs to be done. Obviously we have to make a disclosure in the notes stating reasons for the higher rate of depreciation. Please advice
CAclubindia
