A Practical Guide To Cost Accounting Standards, Rules And Audit Incorporating The Generally Accepted Cost Accounting Principles (Gacap)

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The Ministry of Corporate Affairs, vide Notifications GSR 429(E) and GSR 430(E), both dated 03-06- 2011, has introduced the Companies (Cost Accounting Records) Rules, 2011 and the Companies (Cost Audit Report) Rules, 2011 respectively. While the Companies (Cost Accounting Records) Rules, 2011, are a new part of legislation, the Companies(Cost Audit Report) Rules, 2011 supersede the Cost Audit Report Rules, 2001. The cost audit report submitted on or after 01-04-2012, irrespective of the financial year of the company to which it relates, should be in the form prescribed under these Rules. Also it has been clearly laid down in the above notifications that cost records need to be kept as per the Cost Accounting Standards (CAS 1 to 13) issued by ICWAI which are principle-based rather than rule-based, as, for the first time, compliance with CAS has become mandatory. This book is helpful for the professionals to get all the relevant information at one place in a simplified and practical manner so that new requirements and compliances with respect to these regulations can be taken care of. Key Features Cost Accounting Standards, issued by the ICWAI, with disclosure checklist for each, written in an easy-to-understand manner Commentary on Companies (Cost Accounting Records) Rules, 2011 Chapter on Generally Accepted Cost Accounting Principles issued by ICWAI on 21 October 2011 Revised procedure for appointment of cost auditor Clause-by-clause discussion on new cost audit report Guidance on newly introduced performance appraisal report, Accounting Standards [notified under the Companies (Accounting Standards) Rules, 2006] and Companies Act, 1956 (including revised Schedule VI) Glossary of terms used in cost accounting standards Comparison of old cost audit report and new cost audit report Practical illustration showing how to fill cost audit report both under the old and new cost audit report format FAQs based on practical issues arising from implementation of Cost Accounting Standards, Generally Accepted Cost Accounting Principles, Companies (Cost Accounting Records) Rules, 2011 and also the Companies (Cost Audit) Report Rules, 2011 Useful and informative appendices containing the complete text of: Cost Accounting Standards issued by ICWAI, reproduced with permission from ICWAI Companies (Cost Accounting Records) Rules, 2011 Companies (Cost Audit Report) Rules, 2011 Recent circulars, notifications and cost orders issued by MCA Free web updates on www.indiataxaccounting.com