Rule 2 Definitions
- Chapter
- I · Application
In these rules, unless the context otherwise requires -
(a) “Act” means the Companies Act, 2013 (18 of 2013);
1Clause (aa) ins. by G.S.R. 01(E), dated 31st December, 2014 (Companies (Cost Records and Audit) Amendment Rules, 2014), w.e.f. 31st December, 2014, originally as "Central Excise Tariff Act Heading".2Clause (aa) subs. by G.S.R. 1526(E), dated 20th December, 2017 (Companies (Cost Records and Audit) Second Amendment Rules, 2017), w.e.f. 1st July, 2017, for the former clause, which read: "(aa) 'Central Excise Tariff Act Heading' means the heading as referred to in the Additional Notes in the First Schedule to the Central Excise Tariff Act, 1985 [5 of 1986]."(aa) "Customs Tariff Act Heading" means the heading as referred to in the Additional Notes in the First Schedule to the Customs Tariff Act, 1975 (51 of 1975).
(b) “Cost Accountant in practice” means a cost accountant as defined in clause (b) of sub-section (1) of section 2 of the Cost and Works Accountants Act, 1959 (23 of 1959), who holds a valid certificate of practice under sub-section (1) of section 6 of that Act and who is deemed to be in practice under sub-section (2) of section 2 thereof, and includes a firm or limited liability partnership of cost accountants;
(c) “cost auditor” means a Cost Accountant in practice, as defined in clause (b), who is appointed by the Board;
3Clause (d) subs. by G.S.R. 695(E), dated 14th July, 2016 (Companies (Cost Records and Audit) Amendment Rules, 2016), w.e.f. 14th July, 2016, for the former clause, which read: "(d) 'cost audit report' means the report duly audited and signed by the cost auditor including attachment, annexure, qualifications or observations etc. to cost audit report;"(d) "cost audit report" means the duly signed cost auditor's report on the cost records examined and cost statements which are prepared as per these rules, including attachment, annexure, qualifications or observations attached with or included in such report;
(e) “cost records” means books of account relating to utilisation of materials, labour and other items of cost as applicable to the production of goods or provision of services as provided in section 148 of the Act and these rules;
(f) “form” means a form annexed to these rules;
4Clause (fa) ins. by G.S.R. 1498(E), dated 7th December, 2017 (Companies (Cost Records and Audit) Amendment Rules, 2017), w.e.f. 1st April, 2016.(fa) "Indian Accounting Standards" means Indian Accounting Standards as referred to in Companies (Indian Accounting Standards) Rules, 2015.
(g) “institute” means the Institute of Cost Accountants of India constituted under the Cost and Works Accountants Act, 1959 (23 of 1959);
(h) all other words and expressions used in these rules but not defined, and defined in the Act or in the Companies (Specification of Definition Details) Rules, 2014 shall have the same meanings as assigned to them in the Act or in the said rules.
1. Clause (aa) ins. by G.S.R. 01(E), dated 31st December, 2014 (Companies (Cost Records and Audit) Amendment Rules, 2014), w.e.f. 31st December, 2014, originally as "Central Excise Tariff Act Heading".
2. Clause (aa) subs. by G.S.R. 1526(E), dated 20th December, 2017 (Companies (Cost Records and Audit) Second Amendment Rules, 2017), w.e.f. 1st July, 2017, for the former clause, which read: "(aa) 'Central Excise Tariff Act Heading' means the heading as referred to in the Additional Notes in the First Schedule to the Central Excise Tariff Act, 1985 [5 of 1986]."
3. Clause (d) subs. by G.S.R. 695(E), dated 14th July, 2016 (Companies (Cost Records and Audit) Amendment Rules, 2016), w.e.f. 14th July, 2016, for the former clause, which read: "(d) 'cost audit report' means the report duly audited and signed by the cost auditor including attachment, annexure, qualifications or observations etc. to cost audit report;"
4. Clause (fa) ins. by G.S.R. 1498(E), dated 7th December, 2017 (Companies (Cost Records and Audit) Amendment Rules, 2017), w.e.f. 1st April, 2016.