sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
ICAI »
 Guidance Note on Audit of Banks 2019 edition: Section C - Bank Branch Audit other than Foreign Exchange Transactions issued by the Auditing and Assurance Standards Board
 Guidance Note on Reports In Company Prospectuses (Revised 2019) issued by the Auditing and Assurance Standards Board
 CPE Events 21th January -26th January2019
  Guidance Note on Audit of Banks 2019 edition: Section A - Statutory Central Audit issued by the Auditing and Assurance Standards Board
 Suggestions from Members of ICAI for Publication on Professional Opportunities
  Advanced Integrated Course on Information Technology and Soft Skills (Advanced ICITSS) - Adv. Information Technology Test - Computer Based Mode
 Important Announcement May 2019 CA Examinations
 ICAI Convocation 2019 (IInd Round) on 1st February, 2019
 Result of the Information Systems Audit [ISA] Assessment Test held on 22nd December 2018 is likely to be declared on 23rd January, 2019 around 6.00 PM.
 Results of the Chartered Accountants Final Examination (Old course & New Course), Foundation Examination and Common Proficiency Test (CPT) held in November/December, 2018 are likely to be declared on Wednesday, the 23rd January 2019 around 6.00 P.M.
 Extension of last date "for complying with the CPE hours requirement for the Calendar Year 2018" - from 31st December, 2018 to 31st January, 2019

ICAI ask members not to air personal views on new cost rules
January, 09th 2015

The apex body of cost accountants ICAI has asked its members to restrain from airing their "individual interpretations" about modified norms pertaining to cost records and audit.

The Institute of Cost Accountants of India has said that it would be coming out with clarifications and guidance with regard to the new rules.

Earlier this week, the Corporate Affairs Ministry notified various amendments to the Companies (Cost Records and Audit) Rules.

Under the revised norms, entities having annual turnover of Rs 35 crore and above have to mandatorily maintain cost records.

"I...request all members to refrain from airing and circulating their individual interpretations of the rules and await clarifications from the institute," ICAI President A S Durga Prasad said in a message to the members.

The original rules, notified in June 2014, have been modified extensively following deliberations between stakeholders and the ministry.

ICAI's Technical Cell is analysing the rules in detail and would be providing guidance and clarifications to the members and industry.

"The amendment rules have now removed the ambiguity of identification of different sectors... The threshold limits of applicability have also been changed to a more practical approach," said the President's message, dated January 2.

"I thank all my council colleagues and other members of the profession for their continued support and guidance which enabled us to bring in modifications in the rules and providing clarity to the rules," it noted.

Besides, ICAI is in touch with the ministry for ironing out "certain errors that have crept in the notified rules".

As per the amended rules, the requirement of maintaining cost records would be applicable to certain class of companies that meet the threshold level of Rs 35 crore. Such entities have been broadly classified into 'regulated' and 'unregulated' sectors.

Entities engaged in six sectors have been brought under the regulated category. They are telecommunication services; power generation, transmission, distribution and supply; petroleum products; drugs and pharmaceuticals; fertilisers; sugar and industrial alcohol.

Those coming under these categories would also be required to carry out cost audits, if their overall annual turnover is Rs 50 crore or more and the aggregate turnover of the individual products or services -- where cost records are required -- is at least Rs 25 crore.

In the case of unregulated category, the Ministry has named 33 "industry/sector/product/service". The newly introduced ones include coffee and tea; milk powder; plastics and polymers; glass and textiles.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2019 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Organic SEO Outsourcing Organic Search Engine Optimization Outsourcing Organic Website SEO Organic SEO India Website SEO India Organic Search Engine Optimization India Organic Internet SEO India Organic Web

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions