Can anybody say the difference between cost audit report rule and cost accounting record rule, and the companies which are covered under provision regarding the cost accounting record rule and cost audit report rule?
Menu
Cost audit report rule vs cost accounting record rule
Replies (4)
Mr Rajesh Raman
Mainteance of cost records is now mandatory for almost all mfg companies and even service industries are also covered w.e.f 1.4.2011 but cost audit is not mandatory for all companies as of now 12 industries which were earlier notified for cost audit prevails .central govt will bring under its purview more industries based on the Information furnished for companies for which cost audit is so far not mandatory notification will be issued in this regard by CG
cost accounting record rules, as the name suggests, are recquired to be complied with in respect to maintenance of cost records for various
industries/products. ...... It contains the particulars relating to utilisation
of material or labour or other item of cost as may be prescribed to
include such details 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. It also contains various proformae to enable the industry
to calculate the cost of production and cost of sales effectively.
cost audit report rules. as far as i know, cost audit report rules are the rules which the cost auditor follows while preparing the cost audit report of a company.........this is all i can say about audit report rules
...
cost accounting rule will be applicable on the companies:-
1. turnover during the immediately preceding financial year exceeds Rs. 20 crore.
2. Net worth is exceeding on the last day of preceeding financial year exceeds 5 crore
3.In case of listed companies.
Cost Audit Report rule is only one but on the other hand Cost Accounting record rule are 43.
Recent Threads
- December Heat, Beach Plans, and Finding Ways to Co
- Heard & Seen Around – Your Daily Economi
- Gst interest and penalty doubts regarding missing
- Import of goods IMS telated
- ITR 6 submitting Problem
- Partnership Firm Closure Process
- Why the Costing Department Is Important ?
- Difference in efiling portal and intimation order
- Income tax challan correction
- AGM WITH SHORTER NOTICE
Related Threads
CAclubindia
