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of <h1>Companies Must Keep Detailed Cost Records from 2011 Onwards, Align with Accounting Standards, Preserve for 8 Years</h1> Every company subject to these rules must maintain cost records for each financial year starting on or after April 1, 2011. These records should be kept regularly to calculate per unit costs, sales costs, and margins for each product and activity on various time bases. Records must align with accepted cost accounting principles and standards, indicating any variations. They should facilitate control over operations and costs, providing necessary data as required. Cost records must reconcile with audited financial statements, highlighting any discrepancies. Records must be preserved for at least eight preceding financial years, and responsible persons must ensure compliance with these rules.
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