Depreciation
This query is : Resolved
Bhumika bharwani
(Querist)
09 July 2015
schedule 2 of the companies act applicable prospectively or retrospectively....in case of prospective effect then company should follow AS-6 or schedule 2 as the as-6 say change in accounting policy have retrospect effect???pls do needful as earliest..
Ankur Singhal
(Expert)
10 July 2015
Dear Bhumika
The effect of the sch II is prospective only as it is clearly mentioned in the act.
Also when AS and Act contradicts then we follow the Act.
So apply sch II prospectively.
The effect of the sch II is prospective only as it is clearly mentioned in the act.
Also when AS and Act contradicts then we follow the Act.
So apply sch II prospectively.
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