Applicability of Compliance Report

W.E.F. FY 2011-12

  • Compliance Report is applicable to:
    • Companies engaged in manufacturing, production or processing of goods or services.
    • Both Private Limited & Public Limited Companies are covered.
  • These Companies are covered for Compliance Report if any of the following criteria is fulfilled:
    • Company Listed on Stock Exchange, or
    • Net worth exceeds Rs. 5 crores, or
    • Turnover of the company exceeds Rs. 20 crores

 

  • Compliance Report is mandatory for the financial year 2011-12 and onwards.

 

Cost Accounting Records:

  • Cost Accounting Records are to be maintained as per The Companies (Cost Accounting Records) Rules, 2011, and
  • Cost Accounting Standards issued by the Institute of Cost Accountants of India.

(Presently CAS 1-14 have been issued)

  • Cost Accounting Records are required to be maintained for atleast 8 financial years.

 

Compliance Report:

  • It is to be prepared in accordance with Forms prescribed under The Companies (Cost Accounting Records) Rules, 2011.

Submission of Compliance Report:

  • It is to be submitted online to Ministry of Corporate Affairs.

If Company is following April to March financial year, then the Compliance Report for the Financial year 2013-14 is required to be submitted by 27th September, 2014 (i.e., 180 days from the close of financial year)