Navneet Kumar Jain - Page 2

Companies Act 2013- Certification Costs Likely to Increase

Certification of Documents to be filed with MCA needs extra caution by Professionals which may effect of increase in Certification costs. ...

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Posted Under: Company Law |

Appointment of Cost Auditors : Last date of filing e-form extended upto 31st Oct 2013 with no additional Fee

CMA Navneet Kumar Jain The companies have now reason to relax as now no additional fee will be applicable for late filing of e-form 23C utpo 31st Oct 2013. Background:  MCA had issued a cost audit order dated 6th Nov 2012 applicable from the year 2013-14 onward suppressing all the earlier cost audit orders.  Through […]...

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Posted Under: Company Law |

Interest and Finance Charges (IFC) – Treatment in Costing

Institute of Cost Accountants of India has released CAS-17: COST ACCOUNTING STANDARD ON INTEREST AND FINANCING CHARGES on 23/05/2013. This article is a step towards interpretation and explanation of various aspect of the said Cost Accounting Standard...

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Posted Under: Company Law |

Cost Audit Applicability for financial year starting on or after Jan 1, 2013

MCA issues Cost Audit Order in suppression of earlier Cost Audit Orders During the year 2011-12, MCA issued various cost audit orders wherein maximum industries were brought under cost audit net. It needs attention that  to bring uniformity in reporting,the MCA had issued a notification vide S.O. 1747(E) dated 7th August, 2012 mentioning...

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Posted Under: Company Law |

Extension of Last date for Filing of Cost Audit and Compliance Report in XBRL mode

Keeping in view of the ongoing requests from different quarters, MCA has extended the date of filing of Cost Compliance Reports and Cost Audit Reports upto 31st Jan 2013 vide General Circular No. 43/2012 dated 26 dec 2012....

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Posted Under: Company Law |

Difference in applicability of Cost Compliance Report & Cost Audit Report

With issue of various circulars, cost audit orders and notifications with regard to Cost Accounting, the MCA has set the stage for collection of the authentic information (duly approved by Bard of Directors and verified by a Cost Accountant) with regard to various industries for use by various Ministries....

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Challenges in Finalization of Accounts for the year 2011-12 post new Cost Accounting Records Rules

Ministry of Corporate Affairs has done a remarkable job for the industry by issuing notifications with regard to Common Cost Accounting Record Rules, 2011 and six other Specific Cost Accounting Record Rules. Earlier there were 44 Cost Accounting Record Rules for different Industries and Cost Records were required to be prepared as per spe...

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Posted Under: Company Law |

Penalties for Non Compliance with Appointment of Cost Auditor

The period of August and September is normally very busy for the accounting as the finalisation of accounts is done by maximum companies in this period only. As the Finance heads are busy with the finalisations of the books of accounts, they may skip some of the important notifications which may have an implication on the finances and reg...

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