30 September 2011
Our's is a listed Company (SME) having Networth of Rs-2.53crores and Turnover above Rs-5crores as on 31/03/2011. We would like to know whether Cost Accounting Records Rules 2011 & Cost Audit Rules 2011 are applicable or not.
30 September 2011
Cost Accounting Record rules, 2011 shall apply to every company, including a foreign company as defined under section 591 of the Act, which is engaged in the production, processing, manufacturing, or mining activities and wherein, the aggregate value of net worth as on the last date of the immediately preceding financial year exceeds five crores of rupees; or wherein the aggregate value of the turnover made by the company from sale or supply of all products or activities during the immediately preceding financial year exceeds twenty crores of rupees; or wherein the company’s equity or debt securities are listed or are in the process of listing on any stock exchange, whether in India or outside India. Since your company is a listed company, the Cost Accounting Record Rules, 2011 will be applicable
CAclubindia
