Latest Expert Exchange Queries
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) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: due date for vat payment :: cpt :: Central Excise rule to resale the machines to a new company :: list of goods taxed at 4% :: TDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: articles on VAT and GST in India :: form 3cd :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT RATES :: empanelment :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARDS :: VAT Audit :: ACCOUNTING STANDARD
 
 
News Headlines »
  Income-tax Act, 1961 read with Rule 114E of Income-tax Rules, 1962
 Master Directions on Access Criteria for Payment Systems
 RBI-Scheduled Bank's Statement of Position in India as on Friday, January 06, 2017 (Revised)
 3 Big Mistakes To Avoid This Tax Season
 The Top 5 Tax Stories Of 2017
 Are multiple service tax rates in the offing?
 All you need to know about claiming tax break on HRA
 How much income tax you should pay on investments in gold?
  Best ways to save tax in 2017
 8 unknown stocks that could yield huge returns
 Government may set threshold for probe into deposits to prevent harassment of taxpayers

New cost audit rules 'defies logic': ICAI
July, 14th 2014

Seeking review of the rules, cost accountants' apex body ICAI said it excludes several industries from the cost audit ambit and that the new norms “defy logic".

The Corporate Affairs Ministry, which is implementing the new companies law, came out with revised rules for cost records and audit on June 30. The new rules "defies logic... and have totally ignored the fact that cost audit has a perfect synergy with the enterprise governance framework", the Institute of Cost Accountants of India (ICAI) said in a statement. According to the institute, the latest rules have been prepared on the philosophy that cost records should be maintained only in those industries where policy intervention might be required while ignoring the fact those cost accounting norms were not just to bolster administered pricing.

Contending the new norms would "adversely impact the competitiveness of the Indian industry," ICAI said it hopes the cost rules 2014 would be reviewed and modified in the interests of stakeholders. "The cost rules 2014 has merged cost accounting records rules and cost audit rules. The present rules have no reference to maintenance of records on the basis of Generally Accepted Cost Accounting Principles and Cost Accounting Standards unlike the 2011 rules," the statement said. The new cost audit rules cover strategic, regulated and sectors where public interest is involved. "However the industries listed have excluded large number of sectors that have been considered to be strategic, consuming huge resources and in public interest that were covered earlier," the statement said.

Requesting changes in the rules, the institute has already written to Corporate Affairs Minister Arun Jaitley in this regard. "The changes made in the new Rules will severely affect the profession, its members and students totalling to around 6,00,000, the stakeholders and the Indian economy at large," ICAI had said in its letter to Jaitley dated July 1.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
SEO Company Search Engine Optimization Company US SEO Local SEO Company Website SEO Company Alabama SEO Company Alaska SEO Company Arizona SEO Company Arkansas SEO Company California SEO Company Colorado SEO Company Connecticut SEO Company Delawa

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