2014 Amendments of Section 467 of the Companies Act, 2013 (Doc ID 1930274.1)

Last updated on MARCH 24, 2016

Applies to:

Oracle Assets - Version 12.0.0 and later
Information in this document applies to any platform.

Goal

 2014 Amendments of section 467 of the Companies Act, 2013

Per the notification published by Govt of India there are some changes in the
Fixed asset.  

(b) after Part 'C', under the heading Notes, --

"4(a) Useful life specified in part c of the schedule is for whole of the asset and where
cost of a part of the asset is significant to total cost of the asset and useful life of that part
is different from the useful life of the remaining asset, useful life of that significant part
shall be determined separately.

This clause lead to company requirements:
>>Splitting of Asset

Example one existing Asset  will be divided into four parts like Mechanical,
Electrical, Software &Tools with different depreciation method and life
cycle.)

Solution

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