Please state the disclosure requirements of Depreciation accounting as per AS-6.
Please state the disclosure requirements of Depreciation accounting as per AS-6.
Chiranjibi Mar. 14, 2018
AS 6 “Depreciation Accounting” requires following information to be disclosed in the financial statements-
- Historical cost or other amount substituted for historical cost of each class of depreciating asset;
- Total depreciation for the period for each class of assets.
- The related accumulated depreciation.
It also requires following disclosure of information in the financial statements along with the disclosure of other accounting polices:
- Depreciation method used, and
- Depreciation rates or the useful life of the assets, if any, if they are different from the principal rates specified in the statute governing the enterprise.
