Cost accounting records for construction projects require project-wise tracking, reconciliation, and prescribed compliance reporting under the rules.

Maintenance of cost accounting records is required for construction, real estate and property development companies that meet the prescribed threshold conditions under the Companies (Cost Accounting Records) Rules, 2011. The guidance note explains that each project, contract or sub-project is a distinct cost object and that records must capture material, employee, overhead, financing and other relevant costs on a regular basis, with reconciliation to audited financial statements. It also sets out compliance procedures, including preparation of the compliance report, Board approval of the annexure, certification by a cost accountant and filing in the prescribed form and time.

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