cost records news

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...

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Posted Under: CA, CS, CMA |

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

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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Posted Under: CA, CS, CMA |

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

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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Posted Under: CA, CS, CMA |

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

F.No. 1/40/2013 - CL - V

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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Posted Under: CA, CS, CMA |

CAASB Invites Suggestion on Draft Guidance Note SCA 101

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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Posted Under: CA, CS, CMA |

MCA releases Revised Form 23C, Form 23D, Form I-XBRL & Form A-XBRL

The Ministry of Corporate Affairs has released the new forms relevant to Costing Rules prior to Companies (Cost Records and Audit) Rules 2014: FORM 23C [Pursuant to section 233B(2) of Companies Act, 1956]: Form of application to the Central Government for appointment of cost auditor FORM 23D [Pursuant to section 233B(2) of Companies Act, ...

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Posted Under: CA, CS, CMA |

CII opposed new Companies Bill proposal to make maintenance of cost records mandatory

Taking up cudgels on behalf of corporate India, the Confederation of Indian Industry (CII) has expressed itself against making maintenance of cost records mandatory as suggested by the parliamentary standing committee that has studied the Companies B...

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Posted Under: CA, CS, CMA |

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