Companies (Cost Accounting Records) Rules, 2011
In respect of Companies engaged in production, procession, manufacturing or mining activity, and falls any one of the following category:
- Net Worth of Rs. 5 Crores or more; or
- Turnover exceeding Rs. 20 Crores ;or
- Listed on any Stock Exchange
are required to maintain Cost Records on regularly basis in such a manner so that is could be possible to calculate per unit cost of production.
It shall be the duty of MD/ Every Director and other officers of the Company to take all reasonable steps to secure Compliance by the Company with the provisions of these rules as he is liable to maintain accounts u/s 209.
Every Company to which these rules apply shall submit a Compliance Report in respect of each financial year commencing from 1st April, 2011 duly certified by the Cost Auditor to Central Government in prescribed form A within 180 days from the end of Financial Year along with other annexures. The annexures must be certified by the Cost Auditor.
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