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of <h1>New Petroleum Industry Cost Accounting Rules 2011 Mandate Detailed Records for Companies Exceeding Financial Thresholds; Non-Compliance Penalties Apply.</h1> The Cost Accounting Records (Petroleum Industry) Rules, 2011, issued by the Ministry of Corporate Affairs, replace the 2002 rules and apply to companies engaged in petroleum activities with a net worth exceeding five crores or turnover over twenty crores. These rules mandate maintaining detailed cost records for each financial year, enabling cost control and compliance with generally accepted cost accounting principles. Companies must submit a compliance report certified by a Cost Accountant within 180 days of the financial year's end. Non-compliance can result in fines for accountants and penalties for companies and defaulting officers. The rules preserve existing rights and obligations from the 2002 rules.
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