Cost Records

As a cost accountant firm, cost records compilation is our core competence as it is an area of our specialisation. Our firms experience in various industries like Auto, Dairy, Textiles, Garments, Steel/Copper/Aluminium and many more; makes us expertise in this field.

Cost Records means books of accounts relating to utilization of material, labour and other items of cost as applicable to the production of goods and services.

Why is it Required? The cost records shall be maintained to exercise, as far as possible, control over the various operations and costs to achieve optimum utilisation of resources and these records shall also provide necessary data which is required to be furnished.

Cost records are maintained on regular basis in such manner as to facilitate calculation of per unit cost of production or cost of operations, cost of sales and margin for each of its products and activities for every financial year on monthly or quarterly or half-yearly or annual basis.         

Applicability: Cost Records are mandatory if the following conditions are satisfied:

  • (i)  The company is engaged in manufacturing goods or provision of services which are listed in Table A or Table B; and
  • (ii) Total aggregate turnover of the company from all its production or service is more than INR 35 Crore in the preceding financial year.