Companies Cost Records Audit Amendment Rules 2014 - Maintenance of Cost Record–Revised Form CRA-1

Applicability for Cost Audit (Read Previous Chapters >>)

Cost Auditor Appointment and Report (Read Previous Chapters >>)

Maintenance of cost records

Under the Companies (Cost Records and Audit) Rules 2014 as further anemded by the Companies (Cost Records and Audit) Amendment Rules 2014 dated 31-12-2014 companies covered shall including all units and branches, maintain for financial year commencing on or after the 1 ^st day of April, 2014, cost records in form CRA-1. The form CRA-1 prescribes the form in which cost records shall be maintained. It categorises the requirement of maintaining proper details as per 30 revised headings as under:

1. Material Cost

2. Employee Cost

3. Utilities

4. Direct Expenses

5. Repairs and Maintenance

6. Fixed assetsand depreciation

7. Overheads:

8. Administrative Overheads

9. Transportation Cost

10. Royalty and Technical Know-how

11. Research and Development expenses

12. Quality Control Expenses

13. Pollution Control Expenses

14. Service Department Expenses

15. Packing expenses:

16.Interest and Financing Charges

17. Any other item of Cost

18. Capacity Determination

19. Work-in-progress and finished stock

20. Captive Consumption

21. By-Products and Joint Products

22. Adjustment of Cost Variances

23. Reconciliation of Cost and Financial Accounts

24. Related Party Transactions

25. Expenses or Incentives on Exports

26. Production records

27. Sales records

28. Cost Statements

29. Statistical Records

30. Records of Physical Verification

Download Revised Form CRA-1 Click Here >>

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