The Companies Act, 2013 has introduced one of the most important provisions for companies as well as auditors in the form a new method of calculating depreciation as per Schedule II Part C of the Companies Act 2013. Apart from this, it has brought far reaching changes in other areas, the spectrum of financial reporting has widened, which entails a higher responsibilities on those associated with financial reporting, be it the auditors or the management. Revision of AS 10 “Property, Plant and equipment” has further introduced/amended several concepts relating to depreciation which has brought the computation of depreciation in line with Ind AS 16 on “Property, Plant and Equipment.” This book is a very useful guide for professionals, covering detailed discussion on various provisions which need to be considered for the purpose of computing depreciation under Companies Act, 2013 as well as AS 10 (Revised).
About the Authors
CA Sanjeev Singhal • Sanjeev Singhal did his graduation from Shri Ram College of Commerce and post graduation from Delhi School of Economics. He is a fellow member of ICAI. He has done his PhD in International Finance from Faculty of Management Studies (Delhi). • He has received the following prestigious awards: Prof. Jai Naraian Vaish Gold Medal at the graduation level for being the topper in B Com (Hons) in the Delhi University Prof. AB Ghosh prize at the post-graduation level for being the topper in Economics Group papers CA Professional Achiever Award 2014 (by ICAI) for excellent contribution to the manufacturing sector and the profession NIRC of ICAI best faculty award He has represented India at the World Accounting forum held at Dubai and was invited to address at the Asian Institute of Technology Bangkok. Besides, he was also invited by Ministry of Finance, Bhutan to deliver lecture on IFRS. He has also contributed extensively to the professional development on IFRS in Nepal in the programs organized by Accounting Standards Board of Nepal. • He has conducted MDPs for Corporate Executives, addressed hundreds of national & international seminars on Accounting Standards, IPSAS, IFRS, XBRL, Companies Act etc organised for leading corporate and professional bodies such as ICAI, ICSI, ICWAI, CII, ASSOCHAM, ONGC, HPCL, BHEL, GAIL, NTPC, HPCL, NHPC etc in India and abroad. He is a renowned trainer and an expert in accounting standards and IFRS. • He represented CII and FICCI in the interaction with IASB. • He has published 15 books and over 40 articles on accounting standards, IFRS, Companies Act, etc. His articles have been published in leading print and online journals. • He has also been part of debate on various issues on Doordarshan, CNN IBN etc. He has also done several live programs on accounting standards at Gyan Darshan Channel for members and students of ICAI. • He has been a co-opted member/special invitee on the following:
CA. R. Sankaraiah CA. R. Sankaraiah is a Science Graduate and a Fellow Member of ICAI. Presently, he is the Executive Director – Finance, Jubilant Life Sciences Ltd and also the Group Finance Director, Jubilant Bhartia Group. He is a special invitee on NACAS and has been a member of IFRS Advisory Council of IASB for two, SEBI Committee on Disclosures and Accounting Standards (SCODA), CII National Council on Corporate Governance & Regulatory Affairs and CII National Committee on Financial Reporting. He is a member of the CFO working group formed by MCA to look into the issues related to Convergence of IGAAP with IFRS and was also a member of the Coalition on International Taxation, in India. He has also been a Government Nominee on the Central Council of ICSI. He has extensive experience in the Development and Implementation of Business Strategies, Mergers & Acquisitions, Corporate Planning, Banking and Finance, Forex Management, Direct & Indirect Taxation, Legal, Secretarial and other expertise which has been acquired over 30 years of his career. He has been conferred with several prestigious awards such as: • The India CFO Award 2007- Excellence in Finance (Large Corporate) in 2008 by IMA; • Best performing CFO in the Pharma Sector in 2009 by CNBC TV 18; • Best CFO (FMCG, Health and Retail Sector), in 2010 by Institute of Chartered Accountants of India; and • Best CFO in Pharma & Healthcare space in 2011 all Asia Executive Team Survey by Institutional investor.