Companies seek update of cost accounting rules

NEW DELHI: Indian industry is calling for a review of cost accounting records rules in the Companies Act which makes it mandatory for the specified industries to maintain cost data in the prescribed.
As of now these rules pertain to 43 industries including fertilisers, sugar, soaps & detergents, cosmetics, textiles, cement, motor vehicles, air conditioners, engineering goods, automotive batteries and bulk drugs.
In the representations made by CII, the industry said that these rules were introduced in an era of shortages when there was a need to monitor prices of goods of public consumption. the market forces.
Some other industries which have to furnish these records include, dry cell battery, bearings, engineering goods, jute, chemicals, dyes, milk food, shaving system, vanaspati and cables.