CA, CS, CMA - Explore the when, why, and how of appointing a cost auditor under the Companies Act. Learn about eligibility, procedure, and consequences of non-compliance....
CA, CS, CMA - Explore the essentials of Cost Records Maintenance as per Companies Act. Learn criteria, exemptions, formats, and importance of compliance....
CA, CS, CMA - What is the Cost Accounting as per Section 148 of Companies Act, 2013 and what are the practical challenges faced by industry in Cost Accounting? Section 148 of the Companies Act, 2013, requires certain classes of companies to maintain cost accounting records and to have those records audited by a cost accountant. The purpose of […...
CA, CS, CMA - In order to ensure that the inventory is valued in accordance with various provisions of law, it is proposed to amend section 142 of the Act relating to Inquiry before assessment to ensure the following:-(i) To enable the Assessing Officer to direct the assessee to get the inventory valued by a cost accountant,...
CA, CS, CMA - Need of Cost & Management Accounting & How it plays a vital role in providing healthcare services at affordable prices and qualitative healthcare to all (Glimpses) In both developing and developed countries, hospitals are seen important community resource that is and should be managed for the benefits of the community. With a GDP ...
CA, CS, CMA - ICMAI has published an Exposure Draft on revised Cost Accounting Standard (CAS-2) for Capacity Determination. Learn about changes and how it impacts cost statements....
CA, CS, CMA - CAASB Request for Comments on Exposure Draft of the Revised Standards on Cost Auditing (SCAs) Second Proviso to Section 148(3) of the Companies Act, 2013 states that the auditor conducting cost audit shall comply with the cost auditing standards. As per ‘Explanation’ below this proviso, the expression ‘cost auditing sta...
CA, CS, CMA - Advisory on the Treatment of various items of Cost in light of Covid-19 pandemic & their Presentation / Disclosures in form CRA 3 of The Companies (Cost Records & Audit) Rules 2014 relating to the Accounting Period ending March 31, 2021...
CA, CS, CMA - CAS-4 (REVISED 2018) COST ACCOUNTING STANDARD ON COST OF PRODUCTION / ACQUISITION / SUPPLY OF GOODS / PROVISION OF SERVICES The following is the Cost Accounting Standard (CAS-4) (Revised 2018) on “COST OF PRODUCTION / ACQUISITION / SUPPLY OF GOODS / PROVISION OF SERVICES” issued by the Council of the Institute of Cost Accountants of [...
CA, CS, CMA - Introduction The purpose of this Guidance Note on Compilation Engagements by a Cost Accountant is to provide guidance on the cost accountant’s professional responsibilities to compile cost statements and the form and content of the report, the cost accountant issues in connection with such compilation engagement. Objective of Compilatio...
NA - (06/08/2018) - Pursuant to introduction of GST, the Companies (Cost Records and Audit) Rules, 2014 are to be amended to incorporate resultant changes. Accordingly, the Draft Companies (Cost Records and Audit) Amendment Rules, 2018 have been placed on the Ministry's website www.mca.gov.in for suggestions/ comments....
Master Circular No. 2/2011 - (11/11/2017) - As per provisions of the Cost Audit Report Rules that are in force from time-to-time, a cost auditor is required to comment on the scope and performance of internal audit of cost records. Hence it would tend to mitigate against the proper and dispassionate discharge of his duties if he was also t...