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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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CA, CS, CMA : Important notification from the Institute of Cost Accountants of India: Exemption in Paper 5 - Business Laws & Ethics for CAT qual...
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In connection with the recently issued circulars/notifications concerning cost accounting records and cost audit, following clarifications are issued: (a) That the companies covered under Companies (Cost Accounting Records) Rules, 2011 shall only file a simple compliance report as per the notified Form-B (copy enclosed) and no other details of cost records are required to be filed with the Government. If all the products/activities of a company, excluding the exempted categories, are covered under cost audit, then the company will not be required to separately file the compliance report.
That the Companies (Cost Accounting Records) Rules, 2011 are not applicable to: (i) Wholesale or retail trading activities. (ii) Banking, financial, leasing, investment, insurance, education, healthcare, tourism, travel, hospitality, recreation, transport services, business/professional consultancy, IT & IT enabled services, research & development, postal/courier services, etc. unless any of these have been specifically covered under any other Cost Accounting Records Rules.
1. Whether a cost accountant appointed as cost auditor can authenticate the Compliance Report also? The Rules provide for authentication of Compliance Report [vide Companies (Cost Accounting Records) Rules 2011] and certifying cost audit report [vide Companies (Cost Audit Report) Rules 2011].
Master Circular No. 2/2011 The specified number of companies for the purpose of section 233B (2) read with section 224 (1B) of the Companies Act, 1956 is to be computed for a given financial year with reference to the number of companies wherein he has been appointed as the cost auditor, including those wherein he is proposed to be appointed for which he has given his consent. The number of companies in respect of which cost audit reports have not been submitted and have become overdue shall also be taken into account for the purposes of ceiling under section 224 (18).
Each era introduces new challenges to the humanity and society. Domain experts and Professionals with their skills and knowledge have become the champions of the key socio-economic transformations in today’s world. It is however important for them to clearly articulate the issues and present the solutions in a format understandable by the common man.
The Institute has already released the revised Guidance Note on CAS-4 and requested for comments / suggestions on the same upto 10th October 2011. Based on the request of the members it has been decided to extend the last date for submission of the comments up to 31st October 2011. The Draft is available on the website of the Institute i.e. www.icwai.org.
LIST OF INDUSTRIES AND THE PRODUCTS COVERED UNDER SECTION 209(1)(D) OF THE COMPANIES ACT, 1956 No Industry Products GSR NO. and Date Effective from Remarks 1. Cement Cement, Clinker 536 (E) dt. 11.9.1997* 11.9.1997* The Rules,1997 notified in suppression of GSR 1402 dt. 12.9.66 2. Cycles Cycles, component of cycles 311 dt. 2.3.1967 1.04.67 […]
The series of seminars on CARR and CAR continued during the month also, starting from Mysore Chapter on 4th September 2011 and followed by WIRC programme in Mumbai on 16th and 17th September. The XBRL meeting was kick started during the month with Hyderabad hosting the first meeting on 6th September 2011, which was also webcast (witnessed in India and abroad).
The Cost Accounting Standards Board Secretariat has prepared a revised Guidance Note on Cost Accounting Standard -4 (CAS-4). This note has been exposed for the public comments. The proposed Exposure Draft shall be modified in light of comments received before being issued in the final form. I request all of you to please submit your views / comments / suggestions on the same latest by October 10, 2011 to the CASB Secretariat. I also request the members to send their views on the Generally Accepted Cost Accounting Principles, which has been already exposed for public comments.
The Cost Accounting Standards Board Secretariat has prepared a revised Guidance Note on CAS-4. It has been decided to expose the same for the public comments. The proposed Exposure Draft may be modified in light of comments received before being issued in the final form.
