Companies cost rules now define Indian Accounting Standards and replace CRA I/CRA 3 with detailed cost recording and audit forms. Amendment inserts a definition of Indian Accounting Standards into the Companies (cost records and audit) Rules, 2014 and substitutes Forms CRA-I and CRA-3 (Annexure) with comprehensive prescriptions for cost record keeping, valuation, allocation and cost audit reporting across material, labour, utilities, overheads, finance costs and other cost elements; the definition and substituted forms are deemed effective from 1 April 2016.
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Provisions expressly mentioned in the judgment/order text.
Companies cost rules now define Indian Accounting Standards and replace CRA I/CRA 3 with detailed cost recording and audit forms.
Amendment inserts a definition of Indian Accounting Standards into the Companies (cost records and audit) Rules, 2014 and substitutes Forms CRA-I and CRA-3 (Annexure) with comprehensive prescriptions for cost record keeping, valuation, allocation and cost audit reporting across material, labour, utilities, overheads, finance costs and other cost elements; the definition and substituted forms are deemed effective from 1 April 2016.
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