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of <h1>Amendment to Companies Cost Records Rules 2017: Defines Indian Accounting Standards, Updates Forms CRA-I and CRA-3.</h1> The Companies (cost records and audit) Amendment Rules, 2017, issued by the Ministry of Corporate Affairs, amend the Companies (cost records and audit) Rules, 2014. Effective from April 1, 2016, these amendments introduce the definition of 'Indian Accounting Standards' in the rules. The amendment also updates Form CRA-I and Form CRA-3 in the annexure. The rules detail the maintenance of cost records for materials, employee costs, utilities, direct expenses, repairs, maintenance, overheads, and other cost elements. They also cover aspects like capacity determination, work-in-progress, related party transactions, export expenses, production, and sales records, ensuring comprehensive cost accounting and reconciliation with financial accounts.
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