Frequently realizing substantial gains from asset sales may mean that a business uses accelerated depreciation methods, such as double-declining balance depreciation. Double-declining method is a type of Declining-balance method. Under double-declining-balance method of depreciation, depreciation is charged at the rate double of straight-line rate. It is a type of accelerated depreciation method, where large amount of depreciation is charged in early years of assets life and less depreciation is charged in later years of assets life.
Advantages of Declining-Balance Method & Disadvantages of Declining-Balance Method
The advantages of the declining-balance method are as follows:
Since is an accelerated depreciation method, it is useful to record depreciation on assets that becomes obsolete quickly.
As the depreciation charged in initial years is higher, the organization enjoys tax benefits from lower net income.
The disadvantages of the declining-balance method are as follows:
The net income decreases during the early years of ownership due to high depreciation.
Depreciable asset is an asset that lose their utility over the period of time because of wear and tear from the usage or obsolescence. Depreciation is a method of allocation of cost of an asset over its useful life. It is the allocation of cost of an asset corresponding to the period in which services are received from that asset. The declining balance technique is an accelerated depreciation approach in accounting that records more considerable depreciation expense during the early years of an asset’s useful life while documenting lesser depreciation later. This method is handy for tracking the depreciation of computers, cell phones, and other high-tech items that quickly become outdated. The declining balance methodology is the inverse of the straight-line depreciation method, better suited for assets whose book value decreases continuously over time.
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