Financování obnovy majetku z odpisů

Depreciation has its cost and financial aspect. Depreciation can be taken as a source of funds in company in case of profit and is used to cover operating expenses. This leads to their appreciation by rate of return costs and generates fund. There are two forms of renewal of assets. The first form is financing from accumulated and appreciated depreciation charge and the second one is acquisition of an asset by some type of credit. Depreciation charges can´t cover the financial need of renewal of assets. The value of an asset increases by inflation and technical improvement, credit financing is the value of an asset increased by interest. It is necessary to take into account appreciation of depreciation’s resources. This paper is interested in conditions where the appreciated resources reach the level of “time price” of analyzed asset or there is created sufficient amount of money to cover both principal and accrued interest. There is solved the problem of its creation and time to reach a parity between the created resources and the need of financing, the relations between the rate of return costs, the index of price changes and corresponding interest rate and finally a tax effect.