17 February 2015
I want to know that can we make the fair market valuation of assets and after them show them in books of the Company, because as per Companies Act, 2013 the useful live of assets are given and if we follow them most of the assets balance after deprecation will come Nil, it will greatly affect the Balance Sheet of the Company, so what can be done in this regard.
It is mentioned in the schedule II that company can take fair market value of the asset (in my opinion you are talking about the usefule life should be more that as mentioned in Part C of schedule II), Provided It has to give the justificaiton for same.
CAclubindia
