Maintenance of cost records mandates specified cost formats, reconciliation with audited financials and an eight-year retention obligation. Every covered company must maintain cost records and books of account in Proformae A-G to enable calculation of per unit production or operation costs, cost of sales and margins on a periodic basis; records must follow accepted cost accounting principles and standards, be organised for operational cost control, be reconciled with audited financial statements identifying omitted items and profit variations, and be retained in good order for the eight preceding financial years with responsible officers required to secure compliance.
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Maintenance of cost records mandates specified cost formats, reconciliation with audited financials and an eight-year retention obligation.
Every covered company must maintain cost records and books of account in Proformae A-G to enable calculation of per unit production or operation costs, cost of sales and margins on a periodic basis; records must follow accepted cost accounting principles and standards, be organised for operational cost control, be reconciled with audited financial statements identifying omitted items and profit variations, and be retained in good order for the eight preceding financial years with responsible officers required to secure compliance.
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