Latest Expert Exchange Queries

GST Demo Service software link:
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Popular Search: articles on VAT and GST in India :: ACCOUNTING STANDARD :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARDS :: TDS :: list of goods taxed at 4% :: VAT RATES :: VAT Audit :: empanelment :: Central Excise rule to resale the machines to a new company :: due date for vat payment :: cpt :: form 3cd :: TAX RATES - GOODS TAXABLE @ 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes
« News Headlines »
 What if you forget to verify your Income Tax return?
 TDS on rent and other tax tasks to complete before March 31
 5 income tax changes which will come into effect from April 1, 2018
 Why you shouldn't be a last-minute tax filer
 How to calculate income tax for this assessment year on Moneycontrol
 6 Tax notices you may get and how to cope with them Income Tax Notice
 Deadline to pay advance tax ends tomorrow: Here is a step-by-step guide
  Central Goods and Services Tax (Second Amendment) Rules, 2018
 Income Tax Return Filing Deadline: Waiver On LTCG Tax To End On 31 March. Details Here
 Income tax returns (ITR) filing: Top mistakes that can be very costly
 Income Tax Return (ITR) filing: 6 last-minute things you can still do to save tax for FY17-18

Expert group to review costing standards and cost audit
February, 11th 2008

Breathing fresh hopes into cost accounting and cost audit is a new order from the Government. Cost accounting, through the determination and allocation of costs to various products, provides a valuable service to the managements of companies in cost analysis and control, reads a recent communication from the Ministry of Corporate Affairs constituting an Expert Group to review the existing Cost Accounting Standards and Cost Audit Report Rules.

The group, with eight members headed by Mr B.B. Goyal, Advisor (Cost) in the Ministry, will advise the Government on suitable measures to enable development of relevant cost accounting methodologies and standards to increase the competitiveness of the Indian manufacturing sector.

The order opens by acknowledging an imperative that in the context of an economic environment, determined by increasing competition both domestically and internationally, efficiency and economy be brought about in the operations of the manufacturing sector to catalyse and facilitate the cost competitiveness of the manufacturing sector in India. It is equally necessary to enable the industry to address issues arising from unfair trade practices such as dumping, subsidies and cartels in international trade, adds the communiqu.

Recognising the advantages of costing be they about improving efficiency in the use of materials, labour and plant, maximising production and realising greater profits it says that cost analysis furnishes useful information in respect of such important matters as gross margin, differential costs, and replacement costs. Cost analysis can be useful to the Regulators of public utilities and provide a basis for comparing claims and assessing the validity of issues arising out of international trade.

The Groups members are Mr P. Murugesan, General Manager, Maruti Udyog Ltd, representing CII; Mr Lalit Bhasin, Bhasin & Co, Advocates, for PHDCCI and FICCI; Mr S.C. Aggrawal, Chairman and Managing Director, SMC Global Securities Ltd, for the Assocham; Mr Amarjit Chopra, GSA Associates, for the ICAI; Mr Chandra Wadhwa and Mr M. Gopalakrishnan for the ICWAI; and Mr Ravindra Mathur, Director (Cost), Cost Audit Branch, MCA. The Group may invite any other expert or representative of any trade or industry association as special invitee, and take up such other consultations as may be considered necessary.

The expert group has been given time till September 30, 2008 to work on the following tasks:

Review the Cost Accounting Record Rules and their continued relevance in the contemporary competitive business environment and make recommendations for requisite modifications and/or alternative structures.

Review the existing Cost Audit Report Rules and formats prescribed therein, and recommend appropriate modifications to make them more relevant to the needs of different stakeholders including company management, shareholders, and regulators.

Review the existing system with a view to make suggestions for addressing the concerns of the industry with regard to confidentiality of company cost data and cost of compliance.

Review and, if required, give suggestions for redrafting the existing Cost Accounting Standards in the Indian context in light of international best practices, and to align them with the international cost accounting standards issued by the International Federation of Accountants (IFAC).

D. Murali

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Enterprise Resource Planning Solutions ERP Solutions Enterprise Resource Planning Software Solutions ERP Software Solutions Supply Chain Management Solutions SCM Solutions Supply Chain Management Software Solutions SCM Software Solutions Enterprise Resource Planning Solutions India ERP Solutions India Enterprise Resource Planning Software Solutions India ERP Software Solutions India Supply Chain Management Solutions India SCM Solutions India Supply Chain Management Software Solutions India SCM Software Solutions India

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions