cost accounting

Whether a cost auditor can be appointed as Internal Auditor of the company. Whether there is any restriction on the cost auditor to accept assignments from a company where he is the cost auditor. Refer to MCA General Circular No. 68/2011 dated 30th November 2011. A cost auditor cannot render any services to the company whether acting individually, or through the same firm or through other group firms where he or any partner has any common interest, relating to: Full Article

LIST OF INDUSTRIES AND THE PRODUCTS COVERED UNDER SECTION 209(1)(D) OF THE COMPANIES ACT, 1956 No Industry Products GSR NO. and Date Effective from Remarks 1.       Cement Cement, Clinker 536 (E) dt. 11.9.1997* 11.9.1997* The Rules,1997 notified in suppression of GSR 1402 dt. 12.9.66 2.       Cycles  Cycles, component of cycles 311 dt. 2.3.1967 1.04.67   [...] Full Article

What is the status of the 44 Cost Accounting Records Rules issued till the date of issue of Companies (Cost Accounting Records) Rules 2011 and what is its applicability? The Companies (Cost Accounting Records) Rules 2011 has superseded 36 cost accounting record rules [refer Annexure 1 of this FAQ]. The said Rules are applicable to all companies engaged in production, processing, manufacturing and mining activities as defined under Rules 2(j), 2(k), 2(l) or 2(o) .. Full Article

CHAPTER 1 - BASIC CONCEPTS, CHAPTER 2 - MATERIAL, CHAPTER 3 - LABOUR, CHAPTER 4 - OVERHEADS, CHAPTER 5 - NON INTEGRATED ACCOUNTING, CHAPTER 6 - METHOD OF COSTING (I), CHAPTER 7 - METHOD OF COSTING (II), CHAPTER 8 - STANDARD COSTING, CHAPTER 9 - MARGINAL , cOSTING, CHAPTER 10 - BUDGETS AND BUDGETARY CONTROL Full Article

The government on Thursday said cost accounting body ICWAI can change its name to Institute of Cost and Management Accountants of India . "We have in-principle allowed ICWAI to change its name to Institute of Cost and Management Accountants of India (ICMAI). Some statutory changes will be required. We are working on it. Hopefully in the near future it will be done," Corporate Affairs Minister Salman Khurshid said. Full Article

The Central Information Commission has slapped the maximum fine of Rs 25,000 provided under the RTI Act on the CEO of a cost accounting body for failure to give timely information in a case. The CIC slapped the fine on the Institute of Cost and Works Accountants of India’s (ICWAI) CEO, Sudhir Mukund Galande, while dismissing [...] Full Article

A GOVERNMENT proposal to constitute a supervisory mechanism above the country’s three statutory institutes for accounting, company secretaryship and cost accounting and allowing their members to provide services in each other’s fields has been opposed by these regulators. Floated by the corporate affairs ministry, the proposal seeks to create an oversight mechanism that will oversee [...] Full Article

Quarterly cost audit by internal auditors in the listed companies should be explored in consultation with the market regulator SEBI to improve corporate governance, an expert group appointed by Corporate Affairs Ministry has suggested. ”The possibility of introducing quarterly limited review of cost details, in case of listed companies, may be examined in consultation with SEBI,” [...] Full Article