Ajay Jaisingh & Associates Cost Account
79 Points
Joined September 2012
Maintenance of Cost Records & Filing of Compliance Report:
Cost Accounting Record Rules,2011 are applicable from FY 2011-12 onwards to:
any COMPANY engaged in production, processing, manufacturing or mining,
having Turnover of Rs.20crores in immediately preceding FY
OR
Net Worth of Rs.5.00Crores as on the last day of immediately preceding FY
OR
listed or about to be listed in any of the stock exchange.
They are required to Maintain Cost Records with effect from 01-04-2011 and Compliance report FROM COST ACCOUNTANT to be submitted to Govt of India within 180days from the close of FY to which Compliance report relates, i.e., by 27th September for FY closing on 31st March. But the same has been extended upto 31-12-2012 for FY 2011-12 as the Compliance Report is to be filed in XBRL format for which required taxonomy is recently released by GOI.
Cost Audit:
Cost Audit is applicable w.e.f. FY 2011-12/2012-13 to various industries having previous year turnover or Rs.20Cr / Rs.100Cr (as applicable) or listed or about to be listed in any Stock Exchange. There is a detailed list of Industries with Excise Chapter headings, Turnover criteria & Financial Year for which Cost Audit is applicable.
Cost Auditor (COST ACCOUNTANT IN PRACTICE) is to be appointed (by filing the requisite form with MCA) within 90days of start of the financial year or date of Cost Audit Order, for which Cost Audit is applicable failing which Penal Fees is to be paid.
They need to get the Cost Audit conducted by a COST ACCOUNTANT IN PRACTICE and Audit report is to be submitted to Govt of India within 180days from the close of FY to which Cost Audit relates, i.e., by 27th September for FY closing on 31st March. But the same has been extended upto 31-12-2012 for FY 2011-12 as the Cost Audit Report is to be filed in XBRL format for which required taxonomy is recently released by GOI.
PLEASE CHECK IF ANY OF THE ABOVE CRITERION OF COST RECORDS AND/OR COMPLIANCE REPORT IS APPLICABLE TO YOUR COMPANY. IF YES, PLEASE PROVIDE THE FOLLOWING DETAILS TO CHECK THE APPLICABILITY OF COST AUDIT:
TYPE OF ACTIVITY: PRODUCTION, PROCESSING, SERVICES OR TRADING ETC.
TURNOVER OF 2010-11 & 2011-12
NET WORTH OF THE COMPANY ON 31-03-2011 AND 31-03-2012
LISTED OR ABOUT TO BE LISTED IN ANY OF THE STOCK EXCHANGE
CAclubindia
