Reconsidering useful life of plant and machinery
This query is : Resolved
09 July 2021
A company , following useful life charges depreciation on plant and machinery.
now its accertain that plant can be further utilised for next 10 years easily.
is it allowed as per companies Act to reconsider useful life of plant and accordingly depreciation is to be charged?
how many time useful life can be reviewed/reconsidered.
now its accertain that plant can be further utilised for next 10 years easily.
is it allowed as per companies Act to reconsider useful life of plant and accordingly depreciation is to be charged?
how many time useful life can be reviewed/reconsidered.
CA R SEETHARAMAN
(Expert)
09 July 2021
Yes, it's Allowed. Yearly you can review and change.
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