Application Guide on the provisions of the Schedule II to the Companies Act, 2013. Download Schedule II as per Companies act 2013, Find all provisions related to Schedule II as per companies act 2013. The Corporate Laws & Corporate Governance Committee of the Institute of Chartered Accountants of India has issued the Application Guide on the provisions of the Schedule II to the Companies Act, 2013. For the benefit of the members, complete text of the Application Guide can be downloaded by clicking the link given below and Check Complete details for Applicability of Schedule II of Companies Act 2013. Now you can scroll down below and check complete details regarding Application Guide on the provisions of the Schedule II to the Companies Act, 2013.
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Application Guide on the Provisions of the Schedule II
Keeping in view the changing economic environment as well as the growth of our economy, the Companies Act, 2013 was enacted to improve corporate governance and to further strengthen regulations for the companies. The Act has introduced some new concepts in the Indian context which are not only remarkable but also setting a tone for making our Law at par with the best International Standards and Practices. Further, the Act requires companies to compute the depreciation in accordance with the Schedule II which provides useful lives to compute the Depreciation.
The Corporate Laws & Corporate Governance Committee (CL&CGC) of the Institute of Chartered Accountants of India (ICAI) has taken the initiative of bringing out an Application Guide on the Provisions of Schedule II to the Companies Act, 2013 to provide application guidance to the members of the profession for implementation of the requirements of Schedule II as it would be required for preparation of financial statements
The Companies Act, 2013 ushers a change for corporate environment and corporate democracy. The Act seeks to consolidate and amend the law relating to the companies taking into consideration best global practices and emerging Indian perspectives.
The provisions governing charge of depreciation in the erstwhile Schedule XIV to the Companies Act, 1956 have been replaced with Schedule II to the Companies Act 2013. To facilitate members of the profession understand the requirements for implementation of Schedule II, the Corporate Laws & Corporate Governance Committee has brought out Application Guide on Provisions of Schedule II to the Companies Act, 2013.
Index
| S.No | Content | Page No. |
| 1 | Introduction | 1 |
| 2 | Objective | 2 |
| 3 | Scope | 2 |
| 4 | Shift from Rate based Guidance to Useful Life | 2 |
| 5 | Assessment of Useful Life and Residual Value | 5 |
| 6 | Useful Life or Residual Value governed by other Regulatory Authority | 7 |
| 7 | Depreciation for Intangible Assets | 7 |
| 8 | Component Accounting | 8 |
| 9 | Continuous process plane | 12 |
| 10 | Double/triple shift working | 12 |
| 11 | Transitional Provision under Schedule II | 13 |
| 12 | Charging of depreciation in case of revaluation of Assets | 14 |
| 13 | Practical Examples | 15 |
| Annexures | ||
| 14 | Annexure A – Schedule II to the Companies Act, 2013 | 23 |
| 15 | Annexure B – Schedule XIV to the Companies Act, 1956 | 32 |
| 16 | Annexure C – Circulars and Notifications related to Schedule II issued by MCA so far | 45 |
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