I am glad to inform you that the Companies (Cost Records and Audit) Amendment Rules, 2014 has been notified by the Central Government. The original Companies (Cost Records and Audit) Rules, 2014 issued on 30th June 2014 have been modified extensively on the basis of representations made by the Institute, deliberations with other stake holders and recommendations of the Expert Committee constituted by the Ministry of Corporate Affairs (MCA).
The Amendment Rules have now removed the ambiguity of identification of different sectors covered under the Rules by identifying these sectors with the corresponding CETA Code. The threshold limits of applicability have also been changed to a more practical approach.
The Technical Cell of the Institute is in the process of analyzing the Rules in detail and will be providing guidance and clarifications to the members and industry. We are also in continuous touch with the MCA to iron out certain errors that have crept in the notified Rules. As in the previous occasion, the Institute will also provide FAQs and Guidance on the revised rules. It will be followed by nationwide workshops for discussing the practical aspects of implementation of the Rules.
I request each one of you to act professionally and diligently so that we can fulfill the confidence of the Government bestowed on the profession. I thank all my council colleagues and other members of the profession for their continued support and guidance which enabled us to bring in modifications in the Rules and providing clarity to the Rules. I also request all members to refrain from airing and circulating their individual interpretations of the Rules and await clarifications from the Institute. Let us provide a united face of the profession to the society at large and prove our worth.
2nd January 2015 (Source- http://icmai.in/)