whether cost records to be maintain by all whose company NOTIFIED BY CG
or there is some celiing limit?
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Cost records
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Maintenance of Cost Records & Filing of Compliance Report:
Cost Accounting Record Rules,2011 from Govt. of India 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 yet to be released by GOI.
what is XBRL format & what is required taxonomy???????????
Its the same XBRL format which is being used for filing of Financial Statements with MCA. Now the same format has been applied to COST COMPLIANCE REPORT & COST AUDIT also.
Please refer FAQs in below link:
https://www.mca.gov.in/XBRL/cost_audit_faq.html
Regards,
CMA Ajay Jaisingh
M.Com, ACMA
CMA Ajay Jaisingh
M.Com, ACMA
Ajay Jaisingh & Associates II Cost Accountants in Practice II
Office: 1204, "MATRIX", B/H Divya Bhaskar House, Nr. Vodafone House, Prahladnagar Corporate Road, Off S G Highway, Ahmedabad-380051.
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