What is asset class? What are depreciation areas?
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Answer Posted / nazeer ahammed
Asset class:classfying fixed assets in arganisation as per
particular country legal requirements.
ex: land,buildings,plant,machinery,furniture and
fixtures,vehicles,capital workin progress etc.,
for example take building as one asset class:
house hold building
commersial building
factory building
agriculture building
etc.,
Depreciation Areas:
Depreciation areas are used to calculate depreciation for
different reporting purposes.
ex:
Book depreciation(as per company Act 1956)
special Tax depreciation(as per income tax act 1961)
group depreciation
cost depreciation
management depreciaion
etc.,
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