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Companies (cost records and audit) Amendment Rules, 2017

Companies Law - F. No. 1/40/2013-CL-V - Dated:- 7-12-2017 - GOVERNMENT OF INDIA MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 07th December, 2017 G.S.R. 1498 (E) - In exercise of the powers conferred by sub-sections (1) and (2) of section 469 and section 148 of the Companies Act, 2013 (18 of 2013) (hereinafter referred as the Act), the Central Government hereby makes the following rules further to amend the Companies (cost records and audit) Rules, 2014, namely:- 1. These rules may b .....

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orm CRA-3, the following Forms shall respectively be substituted and shall be deemed to have been substituted with effect from the 1st day of April, 2016, namely:- "FORM CRA-I (See rule 5(1) of the Companies (cost records and audit) Rules, 2014) Particulars relating to the Items of Costs to be included in the Books of Accounts 1. Material Costs.- (a) Proper records shall be maintained showing separately all receipts, issues and balances both in quantities and cost of each item of raw materi .....

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of materials shall not form part of material cost. (d) Self-manufactured materials or captive consumption shall be valued including direct material cost, direct employee cost, direct expenses, factory overheads, share of administrative overheads relating to production but excluding share of other administrative overheads, finance cost and marketing overheads. (e) Spare parts shall be recognised as property, plant and equipment when they meet the definition of property, plant and equipment and d .....

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cost to the extent they are normal, with corresponding adjustment in the quantity. (h) The forex component of imported material cost shall be converted at the rate on the date of the transaction. Any subsequent change in the exchange rate till payment or otherwise shall not form part of the material cost. (i) Any demurrage or detention charges, or penalty levied by transport or other authorities shall not form part of the cost of materials. (j) Subsidy or grant or incentive and any such payment .....

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m) Any abnormal cost shall be excluded from the material cost. (n) Wherever, material costs include transportation costs, determination of costs of transportation shall be governed by paragraph number 9 on determination of cost of transportation. (o) Self-manufactured components and sub-assemblies or captive consumption shall be valued including direct material cost, direct employee cost, direct expenses, factory overheads, share of administrative overheads relating to production but excluding s .....

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scrap or defectives. (q) Material costs shall be directly traced to a cost object to the extent it is economically feasible or shall be assigned to the cost object on the basis of material quantity consumed or similar identifiable measure and valued as per above principles. (r) Where the material costs are not directly traceable to the cost object, the same shall be assigned on a suitable basis like technical estimates. (s) Where a material is processed or part manufactured by a third party acc .....

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nical norms or a similar identifiable measure. (v) The cost of materials like catalysts, dies, tools, moulds, patterns etc. which are relatable to production over a period of time shall be amortised over the production units benefited by such cost. (w) The cost of indirect material with life exceeding one year shall be included in cost over the useful life of the material. 2. Employee Cost.- (a) Proper records shall be maintained in respect of employee costs in such a manner as to enable the com .....

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nto account the gross pay including all allowances payable along with the cost to the employer of all the benefits, including the cost of retirement benefits charged in the financial statements in an accounting period. In case of companies to which Indian Accounting Standards apply, any re-measurement of such costs recognised in other comprehensive income shall not form part of the employee cost. (c) Bonus whether payable as a statutory minimum or on a sharing of surplus shall be treated as part .....

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employee cost but shall form part of administrative overheads. (e) Separation costs related to voluntary retirement, retrenchment, termination and other related matters shall be amortised over the period benefitting from such costs. (f) Employee cost shall not include imputed costs. (g) Cost of idle time is ascertained by the idle hours multiplied by the hourly rate applicable to the idle employee or a group of employees. (h) Where employee cost is accounted at standard cost, variances due to n .....

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part of the employee cost. (k) Penalties, damages paid to statutory authorities or other third parties shall not form part of the employee cost. (l) The cost of free housing, free conveyance and any other similar benefits provided to an employee shall be determined at the total cost of all resources consumed in providing such benefits. (m) Any recovery from the employee towards any benefit provided, namely, housing shall be reduced from the employee cost. (n) Any change in the cost accounting pr .....

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ticular employee cost is chargeable to a separate cost object, the principle of materiality shall be adhered to. (q) Where the employee costs are not directly traceable to the cost object, the same shall be assigned on suitable basis like estimates of time based on time study. (r) The amortised separation costs related to voluntary retirement, retrenchment, and termination or other related matters for the period shall be treated as indirect cost and assigned to the cost objects in an appropriate .....

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ds depending on the economic feasibility and the specific circumstances causing such idle time. 3. Utilities.- (a) Proper records shall be maintained showing the quantity and cost of each major utility such as power, water, steam, effluent treatment, and other related utilities produced and consumed by the different cost centres in such detail as to have particulars for each utility separately. (b) Each type of utility shall be treated as a distinct cost object. (c) Cost of utilities purchased s .....

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d for the purpose of inter unit transfers, the distribution cost incurred for such transfers shall be added to the cost of utilities determined as above. (f) Cost of utilities generated for the inter-company transfers shall comprise direct material cost, direct employee cost, direct expenses, factory overheads, distribution cost and share of administrative overheads. (g) Cost of utilities generated for the sale to outside parties shall comprise direct material cost, direct employee cost, direct .....

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ude imputed costs. (k) Where cost of utilities is accounted at standard cost, the price variances related to utilities shall be treated as part of cost of utilities and the portion of usage variances due to normal reasons shall be treated as part of cost of utilities. Usage variances due to abnormal reasons shall be treated as part of abnormal cost. (l) Subsidy or grant or incentive and any such payment received or receivable with respect to any cost of utilities shall be reduced from cost of th .....

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not form part of the cost of utilities. (o) Penalties, damages paid to statutory authorities or other third parties shall not form part of the cost of utilities. (p) Credits or recoveries relating to the utilities including cost of utilities provided to outside parties, material and quantifiable, shall be deducted from the total cost of utility to arrive at the net cost of utility. (q) Any change in the cost accounting principles applied for the measurement of the cost of utilities shall be mad .....

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uming services is to be derived from usage parameters. 4. Direct Expenses.- (a) Proper records shall be maintained in respect of direct expenses in such a manner as to enable company to book these expenses cost centre wise or cost abject or department wise with reference to goods or services under reference and to furnish necessary particulars. (b) Direct expenses incurred for the use of bought out resources shall be determined at invoice or agreed price including duties and taxes, and other exp .....

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ateriality, it can be treated as part of overheads. (f) Finance costs incurred in connection with the self-generated or procured resources shall not form part of direct expenses. Direct expenses shall not include imputed costs. (g) Where direct expenses are accounted at standard cost, variances due to normal reasons shall be treated as part of the direct expenses. Variances due to abnormal reasons shall not form part of the direct expenses. (h) Subsidy or grant or incentive and any such payment .....

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the direct expenses, material and quantifiable, shall be deducted to arrive at the net direct expenses. (l) Any change in the cost accounting principles applied for the measurement of the direct expenses should be made only if, it is required by law or a change would result in a more appropriate preparation or presentation of cost statements of an organisation. (m) Direct expenses that are directly traceable to the cost object shall be assigned to that cost object. 5. Repairs and Maintenance.- .....

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ndirect cost shall include the cost of resources common to various repairs and maintenance activities such as manpower, equipment usage and other costs allocable to such activities. (c) Cost of in-house repairs and maintenance activity shall include cost of materials, consumable stores, spares, manpower, equipment usage, utilities, and other resources used in such activity. (d) Cost of repairs and maintenance activity carried out by outside contractors inside the entity shall include charges pay .....

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cost of other resources provided to the contractors. (f) Cost of repairs and maintenance jobs carried out by outside contractors shall include charges made by the contractor and cost of own materials, consumable stores, spares, manpower, equipment usage, utilities and other costs used in such jobs. (g) Each type of repairs and maintenance shall be treated as a distinct activity, if material and identifiable. (h) Cost of repairs and maintenance activity shall be measured for each major asset cate .....

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sts. (m) Price variances related to repairs and maintenance, where standard costs are in use, shall be treated as part of repairs and maintenance cost. The portion of usage variances attributable to normal reasons shall be treated as part of repairs and maintenance cost. Usage variances attributable to abnormal reasons shall be excluded from repairs and maintenance cost. (n) Subsidy or grant or incentive and any such payment received or receivable with respect to repairs and maintenance activity .....

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rt of the repairs and maintenance cost. (q) Credits or recoveries relating to the repairs and maintenance activity, material and quantifiable, shall be deducted to arrive at the net repairs and maintenance cost. (r) Any change in the cost accounting principles applied for the measurement of the repairs and maintenance cost should be made only if, it is required by law or a change would result in a more appropriate preparation or presentation of cost statements of an organisation. (s) Repairs and .....

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epairs and maintenance cost (including the share of the cost of reciprocal exchange of services) is shared by several cost objects, the related cost shall be measured as an aggregate and distributed among the cost objects. 6. Fixed Assets and Depreciation.- (a) Proper and adequate records shall be maintained for assets used for production of goods or rendering of services under reference in respect of which depreciation or amortisation has to be provided for. These records shall, inter-alia, ind .....

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Amortisation not recognised as expense in the financial statements shall be treated as a non-cost item. (c) Depreciation on an asset which is temporarily retired from production of goods and services shall be considered as abnormal cost for the period when the asset is not in use. (d) Impairment loss on assets shall be excluded from cost of production/service. (e) Spare parts, stand-by equipment and servicing equipment shall be recognised as property, plant and equipment when they meet the defin .....

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ads are to be apportioned to the various cost objects in proportion to the benefits received by them. 7. Overheads.- (a) Proper records shall be maintained for various items of indirect expenses comprising overheads pertaining to goods or services under reference. These expenses shall be analysed, classified and grouped according to functions. (b) Overheads representing procurement of resources shall be determined at invoice or agreed price including duties and taxes, and other expenditure direc .....

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t. (g) Overhead variances attributable to normal reasons shall be treated as part of overheads. Overhead variances attributable to abnormal reasons shall be excluded from overheads. (h) Subsidy or grant or incentive and any such payment received or receivable with respect to overheads shall be reduced from cost of the cost object in the financial year when such subsidy or grant or incentive and any such payment is recognised as income. (i) Fines, penalties, damages and similar levies paid to sta .....

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in a more appropriate preparation or presentation of cost statements of an entity. (l) While assigning overheads, traceability to a cost object in an economically feasible manner shall be the guiding principle. The cost which can be traced directly to a cost object shall be directly assigned. (m) Overheads shall be classified according to functions, viz., works, administration, selling and distribution, head office, corporate etc. (n) Assignment of overheads to the cost objects shall be based o .....

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administration overheads shall be in accordance with paragraph number 8. (r) Marketing overheads that can be identified to a product or service shall be assigned to that product or service. (s) Marketing overheads that cannot be identified to a product or service shall be assigned to the products or services on the most appropriate basis. 8. Administrative Overheads.- (a) Administrative overheads shall be the aggregate of cost of resources consumed in activities relating to general management a .....

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d from outside shall be determined at invoice or agreed price including duties and taxes, and other expenditure directly attributable thereto net of discounts (other than cash discount), taxes and duties refundable or to be credited. (e) Subsidy or grant or incentive and any such payment received or receivable with respect to any administrative overheads shall be reduced from cost of the cost object in the financial year when such subsidy or grant or incentive and any such payment is recognised .....

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ciples applied for the measurement of the administrative overheads should be made only if it is required by law or a change would result in a more appropriate preparation or presentation of cost statements of an organisation. (j) While assigning administrative overheads, traceability to a cost object in an economically feasible manner shall be the guiding principle. (k) Assignment of administrative overheads to the cost objects shall be based on either of the following two principles; namely:- ( .....

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sts relating to transportation, if any, are to be identified and recorded for exclusion of computation of average transportation cost. (b) In case of a manufacturer having his own transport fleet, proper records shall be maintained to determine the actual operating cost of vehicles showing details of various elements of cost such as salaries and wages of driver, cleaners and others, cost of fuel, lubricant grease, amortized cost of tyres and battery, repairs and maintenance, depreciation of the .....

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portation cost specifying the details particulars of goods despatched, name of supplier or recipient, amount of freight etc. (e) Separate records shall be maintained for identification of transportation cost towards inward movement of material (procurement) and transportation cost of outward movement of goods removed or sold for both home consumption and export. (f) Records for transportation cost from factory to depot and thereafter shall be maintained separately. (g) Records for transportation .....

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category of products shall be maintained separately so that allocation can be made. (j) For common transportation cost both for own fleet or hired ones, proper records for basis of apportionment shall be maintained. (k) Records for transportation cost for exempted goods, excisable goods cleared for export shall be maintained separately. (l) Separate records of cost for mode of transportation other than road like ship or air are to be maintained, which shall be included in total cost of transport .....

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, unit of measurement followed and type of transport used, namely . i) Weight; ii) Volume of goods; iii) Tonne-Km; iv) Unit or Equivalent unit; v) Value of goods; vi) Per cent. of usage of space. (p) Once a basis of apportionment is adopted, the same shall be followed consistently. (q) For determining the transportation cost per unit, distance shall be factored in to arrive at weighted average cost. (r) Abnormal and non-recurring cost shall not be a part of transportation cost. 10. Royalty and T .....

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r benefit to be derived from the related asset. Amortisation of the amount of royalty or technical know-how fee paid for which the benefit is ensued in the current or future periods shall be determined based on the production or service volumes estimated for the period over which the asset is expected to benefit the entity. (c) Amount of the royalty and technical know-how fee shall not include finance costs and imputed costs. (d) Subsidy or grant or incentive and any such payment received or rec .....

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d to arrive at the net amount of royalty and technical know-how fee. (g) Any change in the cost accounting principles applied for the measurement of the amount of royalty and technical know-how fee should be made only if, it is required by law or a change would result in a more appropriate preparation or presentation of cost statements of an organisation. (h) Royalty and technical know-how fee that is directly traceable to a cost object shall be assigned to that cost object. In case such fee is .....

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s related to trademarks or brands shall be treated as cost of sales. 11. Research and Development Expenses.- (a) Research and development costs shall include all the costs that are directly traceable to research or development activities or that can be assigned to research and development activities strictly on the basis of a) cause and effect or b) benefits received. Such costs shall include the following elements, namely:- i. The cost of materials and services consumed in research and developm .....

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search and development activities; v. Overhead costs, other than general administrative costs, related to research and development activities; vi. Costs incurred for carrying out research and development activities by other entities and charged to the entity; vii. Expenditure incurred in securing copyrights or licences; viii. Expenditure incurred for developing computer software; ix. Costs incurred for the design of tools, jigs, moulds and dies; and x. Other costs that can be directly attributed .....

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alties, damages and similar levies paid to statutory authorities or other third parties shall not form part of the research and development cost. (e) Research and development costs shall not include imputed costs. (f) Credits or recoveries relating to research and development cost, if material and quantifiable, including from the sale of output produced from the research and development activity shall be deducted from the research and development cost. (g) Research and development costs attribut .....

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nt of an existing process or product shall be included in the cost of production. In case the research and development activity related to the improvement of an existing process or product continues for more than one accounting period, the cost of the same shall be accumulated and amortised over the estimated period of use of the improved process or estimated period over which the improved product will be produced by the entity after the commencement of commercial production, as the case may be, .....

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parties shall be accumulated separately and treated as cost of providing the service. 12. Quality Control Expenses.- (a) Adequate records shall be maintained to indicate the expenses incurred in respect of quality control department or cost centre or service centre for goods or services under reference. Where these services are also utilised for other goods or services of the company, the basis of apportionment to goods or services under reference and to other goods or services shall be on equit .....

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all include cost of conformance to quality, namely, (a) prevention cost; and (b) appraisal cost. (c) Identification of quality control costs shall be based on traceability in an economically feasible manner. (d) Quality control costs other than those referred to above shall be determined on the basis of amount incurred in connection therewith. (e) Finance costs incurred in connection with the self-generated or procured resources shall not form part of quality control cost. (f) Quality control co .....

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ities or other third parties shall not form part of the quality control cost. (j) Any change in the cost accounting principles applied for the measurement of the quality control cost shall be made only if, it is required by law or a change would result in a more appropriate preparation or presentation of cost statements of an organisation. (k) Quality control cost that is directly traceable to the cost object shall be assigned to that cost object. Assignment of quality control cost to the cost o .....

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r services under reference and to other goods or services shall be on equitable and reasonable basis and applied consistently. (b) Pollution Control costs shall be the aggregate of direct and indirect cost relating to Pollution Control activity. Direct cost shall include the cost of materials, consumable stores, spares, manpower, equipment usage, utilities, resources for testing and certification and other identifiable resources consumed in activities such as waste processing, disposal, remediat .....

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tion, legally enforceable shall be estimated and accounted based on the quantum of pollution generated in each period and the associated cost of remediation or disposal in future. (e) Contingent future remediation or disposal costs e.g. those likely to arise on account of future legislative changes on pollution control shall not be treated as cost until the incidence of such costs become reasonably certain and can be measured. (f) External costs of pollution which are generally the costs imposed .....

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control activity shall include cost of materials, consumable stores, spares, manpower, equipment usage, utilities, and other resources used in such activity. (i) Cost of pollution control activity carried out by outside contractors inside the entity shall include charges payable to the contractor and cost of materials, consumable stores, spares, manpower, equipment usage, utilities, and other costs incurred by the entity for such jobs. (j) Cost of pollution control jobs carried out by contractor .....

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equipment usage, utilities and other costs used in such jobs. (l) Each type of pollution control namely, water, air, soil pollution shall be treated as a distinct activity, if material and identifiable. (m) Finance costs incurred in connection with the pollution control activities shall not form part of pollution control costs. (n) Pollution control costs shall not include imputed costs. (o) Price variances related to pollution control, where standard costs are in use, shall be treated as part .....

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as income. (q) Any pollution control cost resulting from abnormal circumstances, if material and quantifiable, shall not form part of the pollution control cost. (r) Fines, penalties, damages and similar levies paid to statutory authorities or other third parties shall not form part of the pollution control cost. (s) Credits or recoveries relating to the pollution control activity, material and quantifiable, shall be deducted to arrive at the net pollution control cost. (t) Research and develop .....

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ge would result in a more appropriate preparation or presentation of cost statements of an organisation. (v) Pollution control costs shall be traced to a cost object to the extent economically feasible. (w) Direct costs of pollution control such as treatment and disposal of waste shall be assigned directly to the product, where traceable economically. (x) Where these costs are not directly traceable to the product but are traceable to a process which causes pollution, the costs shall be assigned .....

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n to the benefits received by them. 14. Service Department Expenses.- (a) Proper records shall be maintained in respect of service departments, that is, cost centres which primarily provides auxiliary services across the enterprise, to indicate expenses incurred in respect of each such service cost centre like engineering, work shop, designing, laboratory, safety, transport, computer cell, welfare and other related centres. (b) Each identifiable service cost centre shall be treated as a distinct .....

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y contractors within the facilities of the entity shall include charges payable to the contractor and cost of materials, consumable stores, spares, manpower, equipment usage, utilities, and other resources provided to the contractors for such services. (g) Cost of services rendered by contractors at their premises shall be determined at invoice or agreed price including duties and taxes, and other expenditure directly attributable thereto net of discounts (other than cash discount), taxes and du .....

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such transfers, administrative overheads and marketing overheads. (k) Finance costs incurred in connection with the service cost centre shall not form part of the cost of service cost centre. (l) The cost of service cost centre shall not include imputed costs. (m) Where the cost of service cost centre is accounted at standard cost, the price and usage variances related to the services cost centre shall be treated as part of cost of services. Usage variances due to abnormal reasons shall be trea .....

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reated as abnormal cost. Cost of a Stand-by service shall include the committed costs of maintaining such a facility for the service. (p) Any abnormal cost where it is material and quantifiable shall not form part of the cost of the service cost centre. (q) Penalties, damages paid to statutory authorities or other third parties shall not form part of the cost of the service cost centre. (r) Credits or recoveries relating to the service cost centre including charges for services rendered to outsi .....

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inciple. (u) Where the cost of services rendered by a service cost centre is not directly traceable to a cost object, it shall be assigned on the most appropriate basis. (v) The most appropriate basis of distribution of cost of a service cost centre to the cost centres consuming services is to be derived from logical parameters which could be related to the usage of the service rendered. The parameter shall be equitable, reasonable and consistent. 15. Packing Expenses.- (a) Proper records shall .....

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t the time of acquisition. (c) Finance costs directly incurred in connection with the acquisition of packing material shall not form part of packing material cost. (d) Self-manufactured packing materials shall be valued including direct material cost, direct employee cost, direct expenses, job charges, factory overheads including share of administrative overheads comprising factory management and administration and share of research and development cost incurred for development and improvement o .....

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demurrage, detention charges or penalty levied by the transport agency or any authority shall not form part of the cost of packing materials. (h) Subsidy or grant or incentive and any such payment received or receivable with respect to packing material shall be reduced from cost of the cost object in the financial year when such subsidy or grant or incentive and any such payment is recognised as income. (i) Issue of packing materials shall be valued using appropriate method as per the provision .....

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e portion of usage variances due to normal reasons shall be treated as part of packing material cost. Usage variances due to abnormal reasons shall be treated as part of abnormal cost. (m) The normal loss arising from the issue or consumption of packing materials shall be included in the packing materials cost. (n) Any abnormal cost where it is material and quantifiable shall be excluded from the packing material cost. (o) The credits or recoveries in the nature of normal scrap arising from pack .....

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he cost object taking into account the number of times or the period over which it is expected to be reused. (s) Cost of primary packing materials shall form part of the cost of production. (t) Cost of secondary packing materials shall form part of distribution overheads. 16. Finance Costs.- (a) Finance costs are interest and other costs incurred by an entity in connection with the financing arrangements and shall be measured in accordance with the accounting standards applicable for the time be .....

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) Subsidy or grant or incentive and any such payment received or receivable with respect to finance costs shall be reduced from cost of the cost object in the financial year when such subsidy or grant or incentive and any such payment is recognised as income. (f) Penal interest for delayed payment, fines, penalties, damages and similar levies paid to statutory authorities or other third parties shall not form part of the finance costs. In case the company delays the payment of statutory dues bey .....

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- to be apportioned to the various cost objects in proportion to the benefits received by them. 17. Any other item of Cost.- Proper records shall be maintained for any other item of cost being indispensable and considered necessary for inclusion in cost records for calculating cost of production of goods or rendering of services, cost of sales, margin in total and per unit of the goods or services under reference. 18. Capacity Determination.- (a) Capacity shall be determined in terms of units of .....

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ed capacity. In case any production facility is added or discarded the installed capacity shall be reassessed from the date of such addition or discard. In case the same is reassessed as per direction of the Government, it shall be in accordance with the principles laid down in the said directives. In case of improvement in the production process, the installed capacity shall be reassessed from the date of such improvement. (d) Normal capacity shall be determined vis-a-vis installed capacity aft .....

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d finished stock of the goods and for services under delivery or in-process shall be appropriate and shall be indicated in the cost records so as to reveal the cost element that have been taken into account in such computation. All conversion costs incurred in bringing the inventories to their present location and condition shall be taken into account while computing the cost of work-in-progress and finished stock. The method adopted for determining the cost of work-in progress and finished good .....

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ceipt, issues and balances, both in quantity and value. The basis adopted for valuation of by-product for giving credit to the respective process shall be equitable and consistent and should be indicated in cost records. Records showing the expenses incurred on further processing, if any, and actual sales realisation of by-product shall be maintained. The proper records shall be maintained in respect of credits or recoveries from the disposal of by-products. b) The cost up to the point of separa .....

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ny basis other than actual such as standard costing, the records shall indicate the procedure followed by the company in working out the cost of the goods or services under such system. The cost variances shall be shown against separate heads and analysed into material, labour, overheads and further segregated into quantity, price and efficiency variances. The method followed for adjusting the cost variances in determining the actual cost of the goods or services shall be indicated clearly in th .....

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y, shall be clearly indicated and explained. 24. Related Party Transactions.- (a) "Related party" means related party as defined under clause 76 of section 2 of the Companies Act, 2013 (18 of 2013). (b) "Normal price" means price charged for comparable and similar products in the ordinary course of trade and commerce where the price charged is the sole consideration of sale and such sale is not made to a related party. Normal price can be construed to be a price at which two .....

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(d) In respect of related party transactions or supplies made or services rendered by a company to a company termed "related party relationship" and vice-a-versa, records shall be maintained showing contracts entered into, agreements or understanding reached in respect of - i) purchase and sale of raw materials, finished goods, rendering of services, process materials and rejected goods including scraps, and other related materials; ii) utilisation of plant facilities and technical kn .....

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so far as they are in any way related to goods or services under reference. 25. Expenses or Incentives on Exports.- (a) Proper records showing the expenses incurred on the export sales, if any, of the goods or services under reference shall be separately maintained so that the cost of export sales can be determined correctly. Separate cost statements shall be prepared for goods or services exported giving details of export expenses incurred or incentive earned. (b) Proper records shall be maint .....

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rent type of the goods or services under reference, shall be maintained. The quantitative details of production of goods or services rendered shall be maintained separately for self-produced, third party on job work, loan license basis etc. 27. Sales Records.- Separate details of sales shall be maintained for domestic sales at control price, domestic sales at market price, export sales under advance license, export sales under other obligations, export sales at market price, and sales to related .....

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. 28. Cost Statements.- (a) Cost statements (monthly, quarterly and annually) showing quantitative information in respect of each good or service under reference shall be prepared showing details of available capacity, actual production, production as per excise records, capacity utilisation (in-house), stock purchased for trading, stock and other adjustments, quantity available for sale, wastage and actual sale during current financial year and previous year. (b) Such statements shall also incl .....

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liation of indirect taxes showing details of total clearances of goods or services, assessable value, duties or taxes paid, CENVAT or VAT or Service Tax credit utilised, duties or taxes recovered and interest or penalty paid. (d) If the company is operating more than one plant, factory or service centre, separate cost statements as specified above shall be prepared in respect of each plant, factory or service centre. (e) Any other statement or information considered necessary for suitable presen .....

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