Sunday, Jul 6, 2014 A- A+ Home 25962.06(138.31) 7751.60(36.80) Pti stories Press Trust of India | New Delhi Jul 05, 2014 Last Updated at 04:48 PM IST New cost audit rules defies logic: ICAI Seeking review of the rules, cost accountants apex body ICAI today said it excludes several industries from the cost audit ambit and that the new norms defies logic. The Corporate Affairs Ministry, which is implementing the new companies law, came out with revised rules for cost records and audit on June 30. The new rules defies logic... And have totally ignored the fact that cost audit has a perfect synergy with the enterprise governance framework, the Institute of Cost Accountants of India (ICAI) said in a statement. According to the institute, the latest rules have been prepared on the philosophy that cost records should be maintained only in those industries where policy intervention might be required while ignoring the fact that cost accounting norms were not just to bolster administered pricing. Contending the new norms would adversely impact the competitiveness of the Indian industry, ICAI said it hopes the cost rules 2014 would be reviewed and modified in the interests of stakeholders. The cost rules 2014 has merged cost accounting records rules and cost audit rules. The present rules have no reference to maintenance of records on the basis of Generally Accepted Cost Accounting Principles and Cost Accounting Standards unlike the 2011 rules, the statement said. The new cost audit rules cover strategic, regulated and sectors where public interest is involved. However the industries listed have excluded large number of sectors that have been considered to be strategic, consuming huge resources and in public interest that were covered earlier, the statement said. Requesting changes in the rules, the institute has already written to Corporate Affairs Minister Arun Jaitley in this regard. The changes made in the new Rules will severely affect the profession, its members and students totalling to around 6,00,000, the stakeholders and the Indian economy at large, ICAI had said in its letter to Jaitley dated July 1. Top Stories Modi backs UIDAI, seeks accelerated DBT rolloutMontreal Protocol: Refrigeration sector may face the heatNow, a machine that produces water out of thin airBudget Session: Will fend off criticism on inflation: GovtInsider trading investigation: House panel opposes giving SEC documents for probe Markets Weekly market wrap: Markets surge on hopes of growth-focussed reformsCARE downgrades Corporation Banks perpetual bondsMarkets surge on hopes of growth focussed reformsFund schemes: Sebi defends SRO selectionMarkets at record high on optimism ahead of Budget Companies Now, a machine that produces water out of thin airThere is more awareness on food safety and hygiene: Richard CousinsAustralias FCm to enter India leisure travelJain TV chalks growth path for channels platformJets Europe link to get a boost after Etihads Alitalia buyout Banking Limited liability might lead to third-party motor premiumUniversal Sompo launches loan secure insurance for Dena BankLife insurers use specialised tools to manage persistencyFund managers write to PFRDA seeking viable margins for businessJM Financial pays Rs 865 crore upfront for Leela loans Opinion Four suggestions for the Budget For a competitive rupee Bengal sees red as TMC men make incendiary remarksEducation separates light and darknessWest Asia crucial for our long-term energy security: Talmiz Ahmad Online News AMRI Hospital in Dhakuria starts admitting patients once againGovt lifts quantitative ceiling on organic sugar exportsGas price revision can happen by Oct 1: PradhanNo immediate hike in prices of LPG, kerosene: Govt80 Indians stranded in Iraq land in Hyderabad Todays Paper Modi backs UIDAI, seeks accelerated DBT rolloutMontreal Protocol: Refrigeration sector may face the heatNow, a machine that produces water out of thin airBudget Session: Will fend off criticism on inflation: GovtThere is more awareness on food safety and hygiene: Richard Cousins MarketsCompaniesOpinionBankingGeneral NewsTodays PaperNews Now Copyrights © 2014 Business Standard Ltd. All rights reserved
Posted on: Sun, 06 Jul 2014 04:24:11 +0000
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