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Hi sir,
This may seems like a dumb question.
Can we still continue to use the machine once it has been fully depreciated or how are we going to deal with machines that have been fully depreciated but are still in working condition ?
Strictly the depreciation policy should be reviewed each year and so if the expected life turns out to be longer than we would change the policy.
However, in practice we do tend to just leave the value at zero once it is fully depreciated, even though we are still using it. (Or what is common is to have the last years depreciation just enough to leave it as a NBV of $1 so that we do not forget that it still exists 🙂 )
I do mention this in the free lecture 🙂
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