cost records articles

Practical Approach to Conduct Cost Audit

Cost Audit is the core field for a practicing Cost & Management Accountant. Institute of ICAI-CMA has recently started MCBT (Mandatory Capacity Building Training). But unfortunately, most of the new practicing Cost & Management Accountant are not aware of the practical approach to conduct the Cost Audit in any industry due to lack...

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Posted Under: Company Law |

Treatment of Special Expenses in Cost Accounting

Treatment of Special Expenses in Cost Accounting Certain items need special treatment in Cost Accounting. In this juncture, we have to discuss the treatment of some special expenses in cost accounts. 1. Research and Development Cost (CAS 18) As per CAS 18, the treatment of Research and Development Cost (CAS 18) is as follows:- Development...

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Posted Under: Company Law |

How to determine Cost Audit & Cost Records Maintenance applicability for reporting in Director’s Report & CARO

All of us have started experiencing the heat towards the compliance mechanisms being put up by the statutory/regulatory authorities. As the Cost Records and GST records both use the HSN codes for reporting purposes, leniency in the maintenance of cost records or missing out on getting the cost audit conducted can cost a lot to the organis...

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Posted Under: Company Law |

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...

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Posted Under: Company Law |

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...

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Posted Under: Company Law |

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...

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Posted Under: Company Law |

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 […...

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Posted Under: Company Law |

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 […]...

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Posted Under: Company Law |

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: Company Law |

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: Company Law |

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