A. MCA Notifies the ‘Companies (Cost Records/ Audit) Second Amendment Rules, 2017‘ along with Revised Form CAR-1/ CRA-3
The MCA has notified the ‘Companies (Cost Records/ Audit) Second Amendment Rules, 2017’ and has substituted the words ‘Central Excise Tariff Act (CETA) Heading’ to ‘Customs Tariff Act (CTA) Heading’ in principal rules as well as Form CRA-2, CRA-3 and CRA-4, applicable w.e.f. 1 July, 2017, as under:
Companies (cost records and audit) 2nd Amendment Rules, 2017: MCA Notification dt. 20 Dec. 2017
B. MCA Notifies the ‘Companies (Cost Records/ Audit) Amendment Rules, 2017‘ along with Revised Form CAR-1/ CRA-3
The MCA has notified the ‘Companies (Cost Records/ Audit) Amendment Rules, 2017’ and has substituted/ revised Form CAR-1 (Particulars relating to the Items of Costs to be included in the Books of Accounts)/ CRA-3 (Form of Cost Audit Report), applicable w.e.f. 1 April, 2016, in view of changes in the Companies Ind AS Rules, 2015, as under:
Companies (cost records and audit) Amendment Rules, 2017: MCA Notification dt. 7 Dec. 2017
G.S.R….(E). In exercise of the powers conferred by sub-sections (1) and (2) of section 469 and section 148 of the Companies Act, 2013 18 of 2013) (hereinafter referred as the Act), the central Government hereby makes the following rules further to amend the companies (cost records and audit) Rules, 2014, namely:-
1. These rules may be called the Companies (cost records and audit) Amendment Rules, 2017.
2. In the companies (cost records and audit) Rules, 2014 (hereinafter referred to as the principal rules), in rule 2, after clause (f), the following clause shall be inserted and shall be deemed to have been inserted with effect from the 1st day of April, 2016, namely:-
(fa) “Indian Accounting Standards” means Indian Accounting Standards as referred to in Companies (Indian Accounting Standards) Rules, 2015.
3. In the principal rules, in the Annexure, for Form CRA-1 and Form CRA-3, the following Forms shall respectively be substituted and shall be deemed to have been substituted with effect from the 1st day of April, 2016, namely:-
“FORM CRA-1
(See rule 5(1) of the Companies (cost records and audit) Rules,2014)
Particulars relating to the Items of Costs to be included in the Books of Accounts
Form CRA-3
[See rule 6(4) of the Companies (Cost Records and Audit) Rules, 2014]
FORM OF THE COST AUDIT REPORT
(please refer above attachment for detailed format of Revised CRA-1 and CRA-3)
Explanatory Memorandum: It is certified that no person is being adversely affected by giving retrospective effect to this notification. The proposed amendments have been made on account of amendments made in the Companies (Indian Accounting Standards) Rules, 2015.
Note.- The principal rules were published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R.425(E), dated the 30th June, 2014 and amended vide number G.S.R.01(E), dated the 31st December, 2014 and vide number G.S.R.486(E), Dated the 12th June, 2015 and vide number G.S.R.695(E), dated the 14th July, 2016.