Company Law - Ministry of Corporate affairs (MCA) on 3rd December released Companies (Cost Records and Audit) Amendment Rules, 2018. MCA has released draft rules earlier for public comments. However the rules published are very much different than what was being offered for public comments....
Read MoreCompany Law - The much awaited demand of the stake holders with regard to the fine-tuning of Companies Cost Records and Audit Rules has been met with though not fully by the Ministry of Corporate Affairs....
Read MoreCompany Law - Product cost – Expenses attributable to a particular product is Product Cost. Product costing is part of controlling module in SAP. Pre-requisites 1. Material Masters of RM, SFG, FG 2. Bill of Materials, Routing, Master Recipe 3. Work centers / Resources or equipment ID’s\ 4. Activity Types 5. Configuration – WIP, Variance, ...
Read MoreCompany Law - Introduction Hospital organizations have been facing difficulties and challenges in balancing limited resources and costs to provide their demand for services. Medical research has the effect in introduction of modern medical techniques and medicines, which usually causes the increase of consumed costs. Increasing costs of healthcare sy...
Read MoreCompany Law - MCA has issued one notification issued on 20th Dec 2017 which is going to pave the way for alignment of Cost Records with GST records after the implementation of GST. ...
Read MoreCompany Law - The companies which produce products covered under excise even after July 1st, 2017 will continue to furnish the information in the same format provided by the Companies (Cost Records and Audit) Amendment Rules, 2017. The companies having their products or services covered under GST may follow the guidance provided in this advisory....
Read MoreCompany Law - Meghalaya Energy Corporation Limited (MeECL) invites Expression of Interest from the Cost Audit firms having Registered Office/Branch Office located in Eastern Region of India for empanelment as Cost Auditors of its three subsidiaries viz., Meghalaya Power Generation Corporation Ltd (MePGCL)...
Read MoreCompany Law - Pursuant to implementation of IndAS, the Companies (Cost Records and Audit) Rules, 2014 are to be amended to bring parity between financial records and cost records. Accordingly, the Draft Companies (Cost Records and Audit) Amendment Rules, 2017 have been placed on the Ministry’s website www.mca.gov.in for suggestions/ comments....
Read MoreCompany Law - 1. Material Costs-(a) Proper records shall be maintained showing separately all receipts, issues and balances both in quantities and cost of each item of raw material required for the production of goods or rendering of services under reference....
Read MoreCompany Law - Few Hon'ble Members of the Institute informed that they and their client companies have received letters/notices from the Courts and/or from the Cost Audit Branch or Registrar of Companies, Ministry of Corporate Affairs. These relate to purported non‐compliance with the provisions of Section 148 of the Companies Act, 2013...
Read MoreF.No. 1/40/2013-CL-V Part 1 - (03/12/2018) - MCA notifies Companies (cost records and audit) Amendment Rules, 2018 to further amend Companies (cost records and audit) Rules, 2014....
Read MoreNA - (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....
Read MoreG.S.R. 1498(E) - (07/12/2017) - 1. These rules may be called the Companies (cost records and audit) Amendment Rules, 2017. 2. In the Companies (cost records and audit) Rules, 2014 (hereinafter referred to as the principal rules), in rule 2, after clause (f), the following clause shall be inserted and shall be deemed to have been i...
Read MoreMaster 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...
Read MoreG.S.R. 695(E) - (14/07/2016) - Cost audit report means the duly signed cost auditor’s report on the cost records examined and cost statements which are prepared as per these rules, including attachment, annexure, qualifications or observations attached with or included in such report...
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F.No. 1/40/2013-CL-V Part 1 - (03/12/2018) -
NA - (06/08/2018) -
G.S.R. 1498(E) - (07/12/2017) -
Master Circular No. 2/2011 - (11/11/2017) -