Extension of Last date for Filing of Cost Audit Report (CAR) and Cost Compliance Report (CCR) in the extensible Business Reporting Language (XBRL) mode
Keeping in view of the ongoing requests from different quarters, MCA has extended the date of filing of Cost Compliance Reports and Cost Audit Reports upto 31st Jan 2013 vide General Circular No. 43/2012 dated 26 dec 2012.
The companies should take advantage of the extended date and rather than rushing for filing of the reports go through the reports thoroughly. Please note that the data in the CCR and CAR will be available to different regulators at least for eight years. The CFO’s of the companies must have a look at different aspect with regard to filing of cost related reports. Some of the aspects which require the attention are:
a) Difference in Inventory valuations as per cost records and financial records. The companies must have strong reasons for the differences as the board of directors would have approved two different inventory valuations for the same yearOnline GST Certification Course by TaxGuru & MSME- Click here to Join
b) Segment reporting in case some benefits have been claimed under Income Tax as the companies are required to prepare the unitwise productwise cost sheets.
c) Reconciliations with Excise / Service Tax Records
d) Reconciiations with customs related documents if benefits have been claimed during import or export of goods.
The extract of the circular is given below for your reference
In continuation of MCA’s General Circular Nos. 8/2012 dated May 10, 2012 [as amended on June 29, 2012] and 18/2012 dated July 26, 2012, it has been decided that all cost auditors and the companies concerned are allowed to file their Cost Audit Reports and Compliance Reports for the year 2011-12 [including the overdue reports relating to any previous year(s)] with the Central Government in the XBRL mode, without any penalty, within 180 days from the close of the company’s financial year to which the report relates or by January 31, 2013, whichever is later. The Institute is requested to circulate this for the information of all concerned.
(Author Navneet Kumar Jain is a Practising Cost Accountant and can be reached at Mobile- 9810175020, Email -email@example.com.)