Cost accounting compliance requirement: cost accountant must certify maintenance and conformity of fertilizer industry cost records under prescribed rules. The Rules require a Cost Accountant to examine prescribed books and certify whether necessary information was obtained and whether proper cost records have been maintained to present true cost of production, cost of sales and margins, including unit wise and product/activity wise statements; to indicate any deficiencies or qualifications; and to append observations. Detailed annexures and proformas (utility costs, cost of production and sales, element wise and process wise unit costs, allocation of assets/liabilities, expense apportionment, and profit reconciliation) must be prepared, state bases of allocation, reconcile with financial accounts, and reflect standards for by product valuation, export treatment and standard costing adjustments.
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Cost accounting compliance requirement: cost accountant must certify maintenance and conformity of fertilizer industry cost records under prescribed rules.
The Rules require a Cost Accountant to examine prescribed books and certify whether necessary information was obtained and whether proper cost records have been maintained to present true cost of production, cost of sales and margins, including unit wise and product/activity wise statements; to indicate any deficiencies or qualifications; and to append observations. Detailed annexures and proformas (utility costs, cost of production and sales, element wise and process wise unit costs, allocation of assets/liabilities, expense apportionment, and profit reconciliation) must be prepared, state bases of allocation, reconcile with financial accounts, and reflect standards for by product valuation, export treatment and standard costing adjustments.
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