Practicing Success
If the useful life of a tangible or intangible fixed asset is less than 12 months, it will fall under which of the following head as per the Schedule III of Companies Act 2013? |
Non Current Assets Current Assets Inventory None of the above |
Non Current Assets |
There is no change in the treatment of fixed assets as per Schedule III of the Companies Act 2013 and both tangible and intangible assets are treated as non-current. It may also be noted that if the asset's useful life is less than 12 months, it will still fall under non-current. |