Intricate and confusion are inevitable when accountants employ various methods of providing for depreciation on the same or similar assets of different life span. Complexity may arise when it is viewed as a fall in price, physical deterioration, allocation of cost, fall in value, valuation technique and asset replacement. Whereas, under Standard Statement of Accounting Practice (SSAP) 12, depreciation is viewed as wearing out, consumption or other loss of value of fixed asset, whether arising from use, affluxion of time or obsolescence through technology and market changes. Assets held by an enterprise for production or service, and has economic useful life. International Accounting Standard (IAS) 4, qualifies assets for depreciation when assets are used for more than one accounting period, i.e. As a result, it has been over used, over stressed, and over worked by the accountants and professional valuers.
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