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CA, CS, CMA : CAS-25 standardizes principles for inventory valuation, including cost components and NRV rules. It applies from 12 February 2026 ...
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CA, CS, CMA : Delhi High Court restrained Institute Of Cost Accountants Of India from using ICAI acronym, a trademark which stands registered in...
Corporate Law : Sanjay Ghiya Vs Union Of India (Rajasthan High Court) Rajasthan High Court held that CHARTERED ACCOUNTANTS Or COMPANY SECRETARIES ...
CA, CS, CMA : CA V. Venkata Sivakumar Vs. The Secretary, Institute Of Cost Accountants Of India Use of acronym ICAI by Institute of Cost Account...
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Corporate Law : ICAI amends 1959 regulations, replacing “Calcutta” with “Delhi” as the official head office location, effective April 25, ...
Corporate Law : Ministry of Corporate Affairs updates tribunal members for ICAI and ICMAI election dispute cases, effective from April 17, 2025....
The Parliament passed the Amendment to The Cost and Works Accountants Act changing the name of the Institute to The Institute of Cost Accountants of India at the same time allowing the use of the designation ACMA and FCMA to denote the membership. Council passed resolution to rename all buildings of the Institute as “CMA Bhawan” Council passed resolution to allow use of CMA prefix by members Constituting Task Force for Election Reforms Commencement of Foundation Day celebrations on 19th May from this year onwards. Action taken for revamping the Institute infrastructure at Kolkata and Delhi
M/s. Coal India Limited invites expression of interest for appointment/empanelment of Cost Audit Firms for compliance of Companies (Cost Accounting Record) Rules 2011 for the year 2011-12 and cost audit for the year 2012-13 for its standalone segment.
I am also pleased to inform the members that the Institute has brought out Guidance Note on Maintenance of Cost Accounting Records. Since the Ministry of Corporate Affairs – Cost Audit Branch has extended to all companies engaged in production, processing manufacturing and mining activities and regulated industries, through a series of notifications, it was necessary for the Institute to explain the extent, scope and methodology of preparation and maintenance of requisite cost accounting records by the companies.
In the Tamil Nadu Value Added Tax Act, 2006, after section 63, the following section shall be inserted, namely:—63-A. Accounts to be audited in certain cases.—(1) Every registered dealer whose total turnover including zero-rate sale and sale in the course of inter-State trade or commerce as specified in section 3 of the Central Sales Tax Act, 1956 (Central Act 74 of 1956) in a year, exceeds one crore rupees, shall get his accounts in respect of that year, audited by an Accountant and submit a report of such audit in the prescribed Form, duly signed and verified by the Accountant, to the Assessing authority, within such period as may be prescribed.
The members of the Institute are kindly aware that the Election to the 18th Council of the Institute of Cost Accountants of India were held in 2011 in accordance with the Cost and Works Accountants (Election to the Council) Rules, 2006 read with the Cost and Works Accountants Act, 1959 and the Cost and Works Accountants Regulations, 1959.
Cost Accounting Records Rules, 2011 do not visualize companies to change their cost accounting system if already in-place; but they are required to comply with the Generally Accepted Cost Accounting Principles and Cost Accounting Standards issued by the Institute of Cost Accountants of India, to the extent these are found to be relevant and applicable and also file compliance report with the Central Government. It was also observed that existence of structured & verified cost accounting records would enable the companies to fulfil regulatory requirements; comply with the Tax Accounting Standards; and assist is their tax assessments.
In pursuance of proviso to sub-regulation (1) of Regulation 10 of the Cost and Works Accountants Regulations, 1959 as amended, the Council of the Institute at its 274th Meeting held on 18th May, 2012 has decided that the Certificate of Practice of the members who have paid the prescribed fees and submitted the prescribed form for renewal of Certificate of Practice for 2012- 2013 within due date but not having requisite CEP credit hours, shall be renewed upto 31st March, 2013 without creating a precedence and their Certificate of Practice so renewed shall be valid subject to their obtaining requisite CEP credit hours within 30th June, 2012 positively.
ATTENTION: CAT LEVEL-1 STUDENTS APPEARING FOR EXAM ON 24.6.2012 All the CAT Level-1 students appearing for June’12 CAT Examination are hereby informed that in order to familiarise them with the new pattern of CAT Level-l exam two mock tests are scheduled at their respective CAT Study Centre/ROCC on the below mentioned dates:
Up to 31.03.2012, if the following 8 services provided by individuals or proprietary firms or partnership firms then these services shall be deemed to have been provided on the date on which payment is received:
It has been decided by the Ministry of Corporate Affairs to mandate the cost auditors and the companies to file Cost Audit Reports (Form-I) and Compliance Reports (Form-A) for the year 2011-12 onwards (including the overdue reports relating to any previous year) in XBRL mode.
