Each such class of asset with the same rate of depreciation will be identified as a block of the asset. Further, the depreciation percentage within the class of assets must be considered for asset classification. The block of assets is identified depending on its life, nature, and similar use. Intangible assets, being know how, patents, copyrights, trade-marks, licenses, franchises or any other business or commercial rights of similar nature.Tangible assets, being building, machinery, plant or furniture,.Block of assets is a group of assets falling within a class of assets comprising of: Depreciation is calculated on the WDV of a Block of assets.
