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Depreciation as per companies act 2013

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(Querist)
22 June 2015 I just wanted to know,

Whether as per new companies act 2013,should all companies should follow the method of useful life i.e SLM basis.

If any company is following WDV basis for the past years,will that company will need to change the method to SLM mandatorily.

If not please provide the guidance for preparing the Depreciation Schedule as per companies act 2013.
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Ankur Singhal

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Ankur Singhal (Expert)
22 June 2015 companies are mandatorily required to follow provisions of companies act 2013
Hence required to follow schedule II of companies act,2013
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aakashgilda

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aakashgilda (Querist)
22 June 2015 Thats right.
But as per schedule 2 ,is there only one method of depreciation i.e SLM?
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Ankur Singhal

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Ankur Singhal (Expert)
22 June 2015 Yup you have follow it, dear
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
22 June 2015 Asset can be depreciated under WDV method as per Companies Act,2013 also.
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aakashgilda

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aakashgilda (Querist)
22 June 2015 By what rate and any change in rate of depre.
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
22 June 2015 WDV rate shall be found by arriving 1 minus nth root of residual value/ WDV, where n is the remaining life of the asset in years.

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