Costs and depreciation

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When you purchase equipment or other items such as fixed assets for your business, you must enter these purchases in the balance sheet and expense (depreciate) them over a number of years. The accounting and tax-related methods for depreciation are very different. Enterprises that are subject to the bookkeeping obligation need only follow the tax rules for depreciation.

Fixed assets must generally be recognised in the balance sheet without any deduction if the value is not reduced as a result of wear or age. 
Examples of this include: land/plots, roads, residential properties, works of art.


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