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