Wednesday, 17 October 2012

Guidance Note on Maintenance of Cost Accounting Records as per MCA for Construction Industry


The Institute releases the Guidance Note on Maintenance of Cost Accounting Records as per MCA for Construction Industry
Consequent upon the issuance of Notification no. GSR 429(E) dated 3rd June 2011 relating to the Maintenance of Cost Accounting Records (Rules) 2011 and the clarifications issued vide F.No. 52/1/CAB‐2012 dated 25th May 2012 by the Ministry of Corporate Affairs, it was felt by the Institute to issue a detailed Guidance Note on Maintenance of Cost Accounting Records for the Construction Industry keeping in view the specific nature of the Industry.
With this view, the Institute of Cost Accountants of India has come out with the Guidance Note on the Maintenance of Cost Accounting Records as per MCA for Construction Industry.
 Following are the broad Product Groups classification notified by the Ministry of Corporate Affairs where the construction industry has been classified under the following service groups:
  • Construction of residential buildings
  • Construction of non‐residential buildings
  • Construction of highways, road, bridges etc.
  • Construction of industrial and non industrial plants, structures and facilities
  • Laying of pipelines, communication and power lines
  • Other construction activities not elsewhere specified
  • Real estate development activities
  • Architectural and engineering services
  • Construction and Real Estate Related Services
Full text of The Guidance Note can be accessed from below given link: