Cost accounting records requirement: detailed plantation cost books and proformae must be maintained and reconciled with financial accounts. These Rules require companies engaged in specified plantation products to maintain detailed cost accounting records and specified Proformae A-F for each financial year to enable calculation of cost of production and cost of sales. Records must cover materials, labour, utilities, service departments, development and replantation costs, fixed assets and depreciation, overheads, royalties/technical fees, R&D, export expenses, quality control, packaging, interest, inventory valuation, reconciliation with financial accounts and analysis of cost variances. Cost records must be completed within ninety days of year end and failures attract penalties under the Companies Act.
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Cost accounting records requirement: detailed plantation cost books and proformae must be maintained and reconciled with financial accounts.
These Rules require companies engaged in specified plantation products to maintain detailed cost accounting records and specified Proformae A-F for each financial year to enable calculation of cost of production and cost of sales. Records must cover materials, labour, utilities, service departments, development and replantation costs, fixed assets and depreciation, overheads, royalties/technical fees, R&D, export expenses, quality control, packaging, interest, inventory valuation, reconciliation with financial accounts and analysis of cost variances. Cost records must be completed within ninety days of year end and failures attract penalties under the Companies Act.
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