MCA invites comments on Draft Companies (Cost Records and Audit) Amendment Rules, 2017 till 26.08.2017

MCA invites comments on Draft Companies (Cost Records and Audit) Amendment Rules, 2017 till 26.08.2017

September 12, 2017 Corporate 0

The Ministry of Corporate Affairs (“MCA”) has invited comments on the Draft Companies (Cost Records and Audit) Amendment Rules, 2017 (“Draft Rules”) Upon coming into effect, the Draft Rules will be applicable retrospectively for the financial years commencing on or after 1st day of April, 2016.

Suggestions / comments on these Draft Rules may be sent latest by 26th August, 2017 through email at comments_cra@mca.gov.in in the format specified below:

  1. Name, Contact number, Email address and Postal address of stakeholder
  2. Suggestions/comments as under:
Serial NumberRule/Sub-Rule NumberSuggestions /commentsJustification
    

 

The Draft Rules seek to substitute Form CRA-1 (Particulars relating to the Items of Costs to be included in the Books of Accounts) and Form CRA-3 (Form of the Cost Audit Report) of the Principal Rules.

The MCA has further issued a notice specifying the key changes such as change in material costs, employee cost, direct expenses, etc. that have been carried out in the above-mentioned Forms. The same is attached for your reference in the document titled “Summary of changes as per Draft Rules”.

Source: Ministry of Corporate Affairs

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