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1. • CommentAuthormaka
   • CommentTimeMar 7th 2007

    
   Can someone assist in finding the actual useful life for depreciating items? For example a GAAP website to let me know that a chair should be depreciated over 3 years vs. 5 years. I am running into search engine issues. Thanks in advance.
2. • CommentAuthorduncanwil
   • CommentTimeMar 8th 2007

    
   Depends who you are and where you are to some extent.
   
   For some good examples and guidance, take a look at a variety of annual reports of public corporations and see what their depreciation policies and rate are: you will find this information in the notes to the accounts after the Income Statement, Balance Sheet etc in the report.
   
   What did they mean by depreciating over 3 v 5 years? Did they mean from 3 to 5 years?
   
   Also, don't forget, the choice of useful life is yours, the company's. Accountants generally go with the herd though so you will find general standards in the way that I have said.
   
   Duncan
3. • CommentAuthormaka
   • CommentTimeMar 9th 2007

    
   thanks. Basically I am reviewing the depreciation schedule and found discrepancies in how assets are depreciated. For example, a chair bought two years ago is on the books for 10 years depreciation whereas the one just recently purchased is being depreciated over 5 years. Just wanted to see how the rest are doing it.

   Thankful People: Jeffrey Estabrook