Cost records obligations in the petroleum industry require certified compliance reports and reconciliation with audited financial statements. These Rules require companies engaged in petroleum activities meeting specified financial or listing thresholds to maintain detailed cost records in prescribed Proformae, reconcile those records with audited financial statements, and retain such records for at least eight preceding financial years. Companies must submit a Board approved Annexure and a Cost Accountant certified compliance report in specified electronic forms within 180 days of financial year end; the Cost Accountant must state conformity with applicable cost accounting principles and standards and may qualify the report. Penalties apply to defaulting cost accountants, companies and officers in default.
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Provisions expressly mentioned in the judgment/order text.
Cost records obligations in the petroleum industry require certified compliance reports and reconciliation with audited financial statements.
These Rules require companies engaged in petroleum activities meeting specified financial or listing thresholds to maintain detailed cost records in prescribed Proformae, reconcile those records with audited financial statements, and retain such records for at least eight preceding financial years. Companies must submit a Board approved Annexure and a Cost Accountant certified compliance report in specified electronic forms within 180 days of financial year end; the Cost Accountant must state conformity with applicable cost accounting principles and standards and may qualify the report. Penalties apply to defaulting cost accountants, companies and officers in default.
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