The Institute of Chartered Accountant of India (ICAI) on Thursday the 11th February, 2016, has came out with the guidance note on Accounting for Depreciation in Companies in the context of Schedule II  to the Companies Act, 2013.  Schedule II of the Companies Act, 2013 came into force with effect from the 1st April, 2014.

Guidance Note is issued by the ICAI with the objective to provide guidance on certain significant issues that may arise from the practical application of Schedule II with a view to establish consistent practice with regard to the accounting for depreciation and it will be applicable for accounting periods beginning on or after 1st April, 2016.

The said Guidance note can be accessed at the following link: ICAI_Guidance note on Schedule II_11.02.16