Depreciation due to effluxion of time

[chinmoy saharoy]

Whether effluxion of time is applicable for all the assets or like patents, copy rights or leasehold assets which have limited life.

Thanks

CA C S Roy

[rinki]

Depreciation due to effluxion of time will be on all the assets... For instance we buy a machine today and sell it after ten days without using,  we will receive a lesser amount then what we incurred. The reason is depreciation in the value of asset due to efflux of time.

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[CA. AKHIL MAANGAL]

Dear Querist, As Per Defination of Depreciation in Accounting Standard 6, 

"Depreciation is a measure of the wearing out, consumption or other loss of value of a depreciable asset arising from use, effluxion of time or obsolescence through technology and market changes."

So Depreciation due to effluxion of time will be applicable on all the Assets.

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forum4ca is a Google Group of eServe online for the benefit of CA and other professionals. It is especially meant for written discussion & circulate information within group members. The mail may contain such research/advice/opinion/information/fact provided by any member and are subject to the accuracy and of the description of facts.The forum4ca, do not claim that contains in mail/information obtained after reading as a complete and accurate disclosure of relevant facts. Further this Group’s Owner/Moderator/Member are not liable for any damages or costs suffered due to action/transaction based on information on this Group.
 
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Thanks & Regards

Akhil Maangal; B.Com (H), ACA

National Plastic Household Products (P) Ltd.

107/1A, Tollygunge Road, Kolkata - 700 026

Cell: +91 98 322 16118 (Kolkata)

         +91 72 504 12346 (Patna)

P Please do not print unless you really need to.

[amitabha chaudhuri]

I may not be wrong iif t is U. Myself Amitabha Chaudhuri,Sr F&AO-KONGC, Kolkata, transferred to WOB-Mumbai. How R U?

If i have understood properly , I think effluxion of time is pone of the conditons specified for depreciating asset s,be it intansible ,like copy right, trade mark , having specific period of useful life or to any other long term fixed assets. Even if ,an asset is kept ready for use but remained idle, without any use,still depreciation happens to occur in economic value in it which gets diminished over the years.
Amitabha

From: chinmoy saharoy <csro...@yahoo.com>
To: "foru...@googlegroups.com" <foru...@googlegroups.com>; "csro...@yahoo.com" <csro...@yahoo.com>
Sent: Friday, 26 July 2013 6:57 AM
Subject: [CA RUNGTA PD] Depreciation due to effluxion of time

Whether effluxion of time is applicable for all the assets or like patents, copy rights or leasehold assets which have limited life.

Thanks

CA C S Roy