Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
Accelerated Cost Recovery System
An accounting method that is used to calculate as,,l depreciation and that allows for the faster re covery of costs by assigning the asset a shoru-r useful life than was previously permitted under the Internal Revenue Code. 0 This system iq; -plies to property put into service from 1981 t c 1986. It was replaced in 1986 by the Modifu~<i Accelerated Cost Recovery System. - Abbr. ACRS.
Modified Accelerated Cost Recovery System.
See ACCELERATED COST RECOVERY SYSTEM.