November 21, 2013
Dear Professional Colleagues,
Subject: Draft Rules under the Companies Act, 2013 Companies(Cost Records and Cost Audit) Rules, 2013
The Council of the Institute expresses its deep concern and feels that the Draft Rules on Cost Records and Cost Audit do not address the basic objective of inculcating cost competitiveness across all sectors, expressed by Honourable Parliament and Standing Committee on Finance on several occasions.
Many of the key sectors which drive the Indian economy having major contribution ought to have been covered under the purview of the provisions, whereas the whole thrust is on certain Strategic & Regulated Industries and Industries/Sectors which are mostly enjoying Government concession/grant/subsidy.
The Council is very much concerned and will leave no stone unturned to impress upon the Government, to protect the interest of economy, stakeholders and the profession.
We look forward to have your support and valuable suggestions at the earliest to [email protected]
CMA S.C. Mohanty
The Institute of Cost Accountants of India
Source Link :- http://icmai.in/upload/Institute/Updates/Draftcostrules.pdf