Cost accounting records requirement: petroleum companies must maintain detailed cost ledgers and face penalties for noncompliance. These Rules require companies engaged in petroleum production, processing or manufacturing to maintain detailed cost accounting records and complete Proformae A-I annually, capturing materials, labour, utilities, workshop and maintenance, fixed assets and depreciation, exploration and drilling costs, overheads, royalties, R&D, transport, packing, marketing, intercompany transactions and pollution control. Records must permit costing by product or activity, equitable and consistent apportionment of joint and common costs, reconciliation of cost with financial accounts, analysis of variances, and provide data for cost audit reporting; non compliance attracts penalties under the Companies Act.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Cost accounting records requirement: petroleum companies must maintain detailed cost ledgers and face penalties for noncompliance.
These Rules require companies engaged in petroleum production, processing or manufacturing to maintain detailed cost accounting records and complete Proformae A-I annually, capturing materials, labour, utilities, workshop and maintenance, fixed assets and depreciation, exploration and drilling costs, overheads, royalties, R&D, transport, packing, marketing, intercompany transactions and pollution control. Records must permit costing by product or activity, equitable and consistent apportionment of joint and common costs, reconciliation of cost with financial accounts, analysis of variances, and provide data for cost audit reporting; non compliance attracts penalties under the Companies Act.
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