NAC706.603. “Depreciation” defined.

Latest version.

“Depreciation,” as applied to operating property, means the loss in service value not restored by current maintenance, incurred in connection with the consumption or prospective retirement of property in the course of service from the causes which are known to be in current operation and against which the company is not protected by insurance. Among the causes to be given consideration are wear and tear, decay, action of the elements, inadequacy, obsolescence, changes in the art, changes in demand and the requirements of public authorities.

[Taxicab Auth., Uniform System of Accounts Reg. Definitions § 15, eff. 12-24-70; A 11-16-79]

                    
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