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By CMA G Kiruthika M.Com., ACMA Practicing Cost Accountant

The Institute of Cost Accountants of India Erode Chapter - Cost Records And Audit Amendment Rules 8 th September 2018----SATURDAY--6.00 p.m to 9.00 p.m. By CMA G Kiruthika M.Com., ACMA Practicing Cost Accountant. Implementation date. Date fo implementation december 7 of 2017

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By CMA G Kiruthika M.Com., ACMA Practicing Cost Accountant

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  1. The Institute of Cost Accountants of IndiaErode Chapter-Cost Records And Audit Amendment Rules8th September 2018----SATURDAY--6.00 p.m to 9.00 p.m. By CMA G Kiruthika M.Com., ACMA Practicing Cost Accountant

  2. Implementation date • Date fo implementation december 7 of 2017 • Applicable retrospectively from 1st april 2016 • Principle of IndAS is observed by all companies

  3. Material cost • Rule (e) 2017 • Spare parts –recognised – property • Rule (j) 2017 • Subsidy grant ---- deducted • Rule (k) 2017 • Issued shall be valued at appropriate method applicable in force

  4. Employee Cost • Rule (b) 2017 • Pay + allowances + perquisites + benefits + retirements benefits • Re-measurement of such cost • Additional cost will not forming part • Rule (i) • Any subsidy grant is deducted

  5. Utility cost • Rule (L) • Any subsidy, grant, incentive should be deducted

  6. expenses Rule (h) direct expenses, overheads Rule (n) Repair and maintenance cost Rule (e) Administrative Overheads Rule (d) Royalty and technical knowhow Rule (b) Research & development Rule (g) Quality control costs GRANT, SUBSIDY OR INCENTIVE SHOULD BE DEDUCTED

  7. Other expenses • Rule (p)-- Pollution control expenses • Rule (n) – Service department expenses • Rule (h) -- packing expenses • Rule (a) Rule (e) -- finance costs GRANT, SUBSIDY OR INCENTIVE SHOULD BE DEDUCTED

  8. Part-- A of CRA-3 • General Information • General Details of Cost Auditors • Cost accounting Policy • Product / service details– for the company as a whole • It is now necessary to mention whether IndAS applicable to the company

  9. Part—B for the manufacturing sector • Quantitative Information • Production as per excise records / GST needs revision • Abridged cost statements • Details of Materials consumed • Details of Utility consumed • Details of industry specific expenses

  10. Part C for service sector • Quantitative information • Anridged cost statement • Details of Materials Consumed • Details of Utilities consumed • Details of industry specific expenses

  11. Part D • Profit reconciliation ( for the company as a whole) • The profit or loss as per financial accounts is to be shown excluding other comprehensive income of companies following Ind AS • Financial position and ratio analysis • Share capital, Reserves and surplus • Long term borrowing NET Fixed assets

  12. Indirect taxes reconciliation • .(for the company as a whole) • The prescribed format of reconciliation of indirect taxes needs to be revised in view of switch over to the GST regime • Service tax / GST records (needs revision)

  13. Thanks • Query plz • ?????

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