cost records

Strategic Cost management – Healthcare Industry

Finance - Hospitals and healthcare systems increasingly face financial pressures from increasing competition, deteriorating payer mix and other factors.  Due to these pressures, Cost reduction and control is at the forefront of healthcare finance leaders’ minds, whether they are a rural, nonprofit, urban or safety-net organization. Healthc...

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GST Era & Cost Records & Cost Audit Applicability on the basis of HSN

Finance - All About Cost Audit Applicability and its disclosures in other statutory documents The pandemic has again brought the focus on the importance of cost management of resources in the most effective and most efficient manner. The government of India had already mandated the maintenance of Cost Records and Cost audits under Companies Act 201...

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Cost Audit under The Companies Act 2013 & Rules

Finance - A cost audit represents the verification of cost accounts and checking on the adherence to cost accounting plan. Cost audit ascertains the accuracy of cost accounting records to ensure that they are in conformity with cost accounting principles, plans, procedures and objectives. A cost audit comprises the following; -Verificatio...

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Extension of last date for filing Cost Audit for FY 2019-20

Finance - Relaxation of additional fees and extension of last date for filing Cost Audit Report (Form CRA-4) for the Financial Year 2019-20 under the Companies Act, 2013 (Act): Applicability of Cost Records: The class of Companies which must maintain cost records is specified in the Section 148 (1) of the Act. The category of companies is […...

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Cost Records & Audit under Companies Act, 2013 & Rules thereto

Finance - This Article is an effort to explain the provisions related to provisions of Cost Records & Audit under Companies Act, 2013 and Rules thereto. 1. DEFINITIONS a) Cost Accountant means a cost accountant as defined in clause (b) of sub-section (1) of section 2 of the Cost and Works Accountants Act, 1959 and who holds a valid […]...

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Advisory on Treatment of Various Items of Cost in view of COVID19

Finance - 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...

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Advisory on Filing of Cost Audit Report for year 2017-18

Finance - 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....

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Summary of changes as per Draft Companies (Cost Records and Audit) Amendment Rules, 2017

Finance - 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....

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Draft Companies (cost records and audit) Amendment Rules, 2017

Finance - 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....

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CAASB Invites Suggestion on Draft Guidance Note SCA 101

Finance - CAASB in its 32nd meeting held on March 21, 2017 considered draft Practical Guide to Standard on Cost Auditing (SCA) 101 - Planning an Audit of Cost Statements...

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Companies (cost records and audit) Amendment Rules, 2018

G.S.R.1157(E). - (03/12/2018) - MCA notifies Companies (cost records and audit) Amendment Rules, 2018 to further amend Companies (cost records and audit) Rules, 2014....

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GST details in Draft Companies (Cost Records and Audit) Amendment Rules, 2018

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....

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Companies (Cost Records and Audit) Amendment Rules, 2017

G.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...

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Revised Master Circular on Cost Accounting Records and Cost Audit

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...

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Recent Posts in "cost records"

Strategic Cost management – Healthcare Industry

Hospitals and healthcare systems increasingly face financial pressures from increasing competition, deteriorating payer mix and other factors.  Due to these pressures, Cost reduction and control is at the forefront of healthcare finance leaders’ minds, whether they are a rural, nonprofit, urban or safety-net organization. Healthc...

Read More
Posted Under: Finance |

GST Era & Cost Records & Cost Audit Applicability on the basis of HSN

All About Cost Audit Applicability and its disclosures in other statutory documents The pandemic has again brought the focus on the importance of cost management of resources in the most effective and most efficient manner. The government of India had already mandated the maintenance of Cost Records and Cost audits under Companies Act 201...

Read More
Posted Under: Finance |

Advisory on Treatment of Various Items of Cost in view of COVID19

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...

Read More
Posted Under: Finance |

Cost Audit under The Companies Act 2013 & Rules

A cost audit represents the verification of cost accounts and checking on the adherence to cost accounting plan. Cost audit ascertains the accuracy of cost accounting records to ensure that they are in conformity with cost accounting principles, plans, procedures and objectives. A cost audit comprises the following; -Verificatio...

Read More
Posted Under: Finance |

Extension of last date for filing Cost Audit for FY 2019-20

Relaxation of additional fees and extension of last date for filing Cost Audit Report (Form CRA-4) for the Financial Year 2019-20 under the Companies Act, 2013 (Act): Applicability of Cost Records: The class of Companies which must maintain cost records is specified in the Section 148 (1) of the Act. The category of companies is […...

Read More
Posted Under: Finance |

Cost Records & Audit under Companies Act, 2013 & Rules thereto

This Article is an effort to explain the provisions related to provisions of Cost Records & Audit under Companies Act, 2013 and Rules thereto. 1. DEFINITIONS a) Cost Accountant means a cost accountant as defined in clause (b) of sub-section (1) of section 2 of the Cost and Works Accountants Act, 1959 and who holds a valid […]...

Read More
Posted Under: Finance |

Responsibility of Directors: As Regards Maintenance of Cost Records

The Institute of Cost Accountants of India has issued a guidance note on the RESPONSIBILITY OF DIRECTORS: AS REGARDS MAINTENANCE OF COST RECORDS in January 2019. The guidance note aims to provide the guidance to the company to obtain a Assurance Certificate for Maintenance of Cost Records before incorporating the disclosure with regard t...

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Posted Under: Finance |

Amendments in Companies Cost Records and Audit Rules

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....

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Posted Under: Finance |

Companies (cost records and audit) Amendment Rules, 2018

G.S.R.1157(E). 03/12/2018

MCA notifies Companies (cost records and audit) Amendment Rules, 2018 to further amend Companies (cost records and audit) Rules, 2014....

Read More

GST details in Draft Companies (Cost Records and Audit) Amendment Rules, 2018

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....

Read More

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