Cost records for manufacturing comapany
This query is : Resolved
18 October 2013
hi friends
i required some information relating to maintenance of cost records.
my company not covered under cost audit but auditors seeks information relating to maintenance of cost record details
What books are required to maintain for pharmaceutical company relating to cost records and ???? is it influence Tax audit report not maintenance of cost records
i required some information relating to maintenance of cost records.
my company not covered under cost audit but auditors seeks information relating to maintenance of cost record details
What books are required to maintain for pharmaceutical company relating to cost records and ???? is it influence Tax audit report not maintenance of cost records
18 October 2013
It should be for the purpose of Cost compliance report under Companies Cost Accounting Records & Rules 2011.
Under the rules, there is no specified cost books format prescribed, but the Cost Accounting Record Rules contain particulars relating to utilisation of material or labour or other items of cost as may be prescribed to be included in the books of accounts. The broad categories under which the detailed cost records are required are materials, labour, utilities, overheads, depreciation, royalty/technical know-how, research & development expenses, incentives on exports, interest and other borrowing costs, captive consumption, pollution control, inter-company transaction, etc. These rules also contain various proformae to enable the industry to calculate the cost of production and cost of sales effectively.
Under the rules, there is no specified cost books format prescribed, but the Cost Accounting Record Rules contain particulars relating to utilisation of material or labour or other items of cost as may be prescribed to be included in the books of accounts. The broad categories under which the detailed cost records are required are materials, labour, utilities, overheads, depreciation, royalty/technical know-how, research & development expenses, incentives on exports, interest and other borrowing costs, captive consumption, pollution control, inter-company transaction, etc. These rules also contain various proformae to enable the industry to calculate the cost of production and cost of sales effectively.
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