Cost Accounting Records and Cost Audit - clarifications on Compliance
MINISTRY of Corporate Affairs has clarified that:
++ The companies covered under Companies (Cost Accounting Records) Rules, 2011 shall only file a simple compliance report as per the notified Form-B and no other details of cost records are required to be filed with the Government.
++ For companies coming under the purview of the Companies (Cost Accounting Records) Rules, 2011 and the Companies (Cost Audit Report) Rules, 2011 for the first time, cost records and cost details, statements, schedules, etc. shall be kept in good order for the next eight financial years beginning with first year of application of the said Rules.
++ The term “Turnover” defined in the Companies (Cost Accounting Records) Rules, 2011 shall exclude taxes & duties.
MCA General Circular No. –Dated November 30 2011