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Advisory on the Treatment of various items of Cost in light of Covid-19 pandemic their Presentation / Disclosures in form CRA 3 of The Companies (Cost Records Audit) Rules 2014 relating to the Accounting Period ending March 31, 2021 The Covid-19 pandemic war against humanity began in December 2019. Since then, it has ravaged the global economy, worse than the first two world wars. It forced entire world to lockdown; brought economic activity to standstill and resulted in majority of busines
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FAQ :
The advisory provides guidance on how to treat various cost items and their presentation and disclosures in cost audit reports for the accounting period ending March 31, 2021, considering the impact of the COVID-19 pandemic.
The advisory was released by the Committee on Accounting Standards for Business Enterprises (CASB) of the Institute of Cost Accountants of India (ICMAI).
This advisory is applicable for the accounting period ending March 31, 2021.
The advisory addresses impacts such as changes in production, sales, and capacity utilisation, which have been significant for businesses due to the pandemic.
Yes, ICMAI had issued a similar advisory on April 13, 2020, for the accounting period ended March 31, 2020.
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