With respect to AS 16, what will be the depreciation reversal treatment and asset write-off method, for old assets (like machinery) that are found to be missing during the year end physical stock take?
The assets in discussion are very old, 1993- 1994, 1996-1997 purchases ... machinery, office equpiment,etc. Depreciation for all these assets have been provided on a quarterly basis during the year. The assets are included in the draft Balance sheet and the depreciation applied on these assets forms a part of the accumulated depreciation figure (which is a material amount).
After stock take, the decision has been made to write these assets off before finalisation of the draft statements (for publishing purposes). How should the Company proceed?

Any answers or suggestion welcome.