<h1>Companies (Cost Records and Audit) Amendment Rules, 2017 update comprehensive cost accounting and cost audit requirements for companies.</h1> The Companies (Cost Records and Audit) Amendment Rules, 2017 amend the 2014 Rules to define Indian Accounting Standards, substitute Forms CRA-1 and CRA-3 and replace the Annexure. The substituted provisions prescribe detailed requirements for recording, valuing and assigning material, employee, utility, overhead, depreciation, transportation, royalty, R&D, pollution control and other costs, set principles for amortisation and exclusion of abnormal costs, and require comprehensive cost audit reporting, reconciliation with financial accounts and disclosures on related party transactions and capacity determination.