ITO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II,
sEcTroN 3, suB-sEcTIoN (Dl
Govenrment oflndia
Ministry of Corporate Affairs
New Delhi, dated the 29d August,20l4
Notification
G.S.R. _(E).-
In exercise of the powers conferred by sub-section (l) of section 46:- of the
Companies Act, 2013 (18 of 2013), the Central Govemment hereby makes the following
amendments further to amend schedule II ofthe said Act with effect from the date ofpubrication
ofthis notification in the Official Gazette, namely:-
l. In Schedule II ofthe Companies Act,20l3,------
(a) in Pan 'A', in paragraph 3, for sub-paragraph (i), the following sub-paragraph shall be
substituted, namely:-
"(i) The useful life ofan asset shall not ondinarily be different from the useful life specified
in Part C and the residual value ofan asset shall not be more than five per cent. ofthe original
cost ofthe asset:
Provided that where a company adopts a useful life dillerent frorn what is specified in
Part C or uses a residual value different from the limit specified above, the financial
statements shall disclose such dillerence and provide justification in this behalf duly
supported by technical advice";
(b) aner Parl 'C', under the heading Nores, --
(i) for paragraph 4 the following paragraph shall be substituted namely:-
w
"4(a) Useful life specified in part c of the schedule is for whole of the asset and whre
cost ofa pad ofthe asset is significant to total cost of the a.sset and useful life ofthat part
is differcnt ftom the useful life of the remaining asset, useful life of that significant part
shall be determined separately.
(b) The requirement under sub-paragraph (a) shall be voluntary in respect
ofthe financial
year commencing on or after the 1si April, 2014 and mandatory
for financial statements in
respect of financial years commencing on or after the I
sl
Aplil, 2015."
(c) in paragraph 7, in sub-paragraph (b) for the words ,,shall be recognized,,, the
words "may be recognized" shatt be substituted.
File Number I 7/602012-CL-V
re-"I""p1[$,'Jro
Joint Secretary to the Govemment of India
Note.- Schedule- U ofthe Companies Ac! 2013 came into force with effect fiom the ln April, 2014 and
w^as amended (with effect fiom l, April, 2014) vide notification number SO 237(E), dared the 31. March,
2014.
|
