https://www.taxtmi.com/news?id=3892 Guidance prescribes that companies in construction and real estate maintain structured cost accounting records and periodic project wise cost statements in accordance with Generally Accepted Cost Accounting Principles and applicable Cost Accounting Standards. Costs must be recorded by defined cost objects (typically projects/sub projects), with allocation and absorption of materials, labour, direct expenses, utilities, repairs, overheads and finance charges; common plant costs are to be held in service cost centres and recovered by internal hire rates. Companies must reconcile cost accounts with financial accounts and file a board approved Compliance Report electronically in the prescribed format. en-us Thu, 18 Oct 2012 16:46:46 +0530 Wed, 11 Feb 2026 15:56:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=3892 Guidance prescribes that companies in construction and real estate maintain structured cost accounting records and periodic project wise cost statements in accordance with Generally Accepted Cost Accounting Principles and applicable Cost Accounting Standards. Costs must be recorded by defined cost objects (typically projects/sub projects), with allocation and absorption of materials, labour, direct expenses, utilities, repairs, overheads and finance charges; common plant costs are to be held in service cost centres and recovered by internal hire rates. Companies must reconcile cost accounts with financial accounts and file a board approved Compliance Report electronically in the prescribed format. News - Thu, 18 Oct 2012 16:46:46 +0530 https://www.taxtmi.com/news?id=3892