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of <h1>Construction Firms Must Maintain Cost Records Under 2011 Rules; Applies to Companies Exceeding Specified Financial Thresholds</h1> The Companies (Cost Accounting Records) Rules, 2011, mandate that companies in the construction industry, including real estate and property development, maintain cost accounting records if they meet certain financial thresholds. These rules apply to companies with a net worth exceeding five crores or turnover over twenty crores. However, exemptions exist for companies solely paid conversion charges, non-corporate joint ventures, and unlisted companies below the threshold. The rules require adherence to generally accepted cost accounting principles and standards, with records maintained to enable cost control and compliance reporting. Companies must file compliance reports with the government, detailing cost records and financial reconciliations.
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