Fixed Assets - EBS (MOSC)

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How to upload FA data as required under new Companies Act, India?

edited Aug 13, 2014 8:59AM in Fixed Assets - EBS (MOSC) 11 commentsAnswered

There has been a change in the method of depreciation calculation in Companies Act, 2013 w.e.f 01-April-14.

Old method - depreciate the cost of the asset as per rates given in Schedule XIV

New method - depreciation is to be charged per useful life of an asset

Problem statement- as per requirement of the law, we are required to compute NBV of an asset as on 01-April-14 and depreciate that over the remaining useful life of the asset. When we go to define a new depreciation method, the system allows us to choose only "Cost" as calculation method when method type is "Calculated", whereas we would like to choose "NBV" as the method.

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