Section 83 in The Companies (Accounting Standards) Rules, 2006
83. Selection of the depreciation method and estimation of the useful life of assets are matters of judgement. Therefore, disclosure of the methods adopted and the estimated useful lives or depreciation rates provides users of financial statements with information that allows them to review the policies selected by management and enables comparisons to be made with other enterprises. For similar reasons, it is necessary to disclose:
(a)depreciation, whether recognised in the statement of profit and loss or as a part of the cost of other assets, during a period; and(b)accumulated depreciation at the end of the period.
