MCA:
1. MCA has constituted an Expert panel for the profession of Cost Accountancy. Keeping in mind the grievances of the members of the Institute of Cost Accountants of India about the scope of the (Cost Records and Audit) Rules 2014, and their implications for the profession of Cost Accountancy, MCA has decided to constitute an Expert Committee to examine issues relating to maintenance of Cost Records. The Committee may submit its report within a period of three months from its first meeting. Adviser (Cost) will render necessary secretarial and logistics support. We hope that in the days to come the profession of Cost Accountant get their due recognitions.
2. MCA amends Rule 27 sub rule (1) regarding Compulsory maintenance of registers and records in electronic Form. MCA has issued Companies (Management and Administration) Second Amendment Rules, 2014 dated 24.07.2014 giving a sense of big relief to the companies w.r.t. Compulsory maintenance of registers and records in electronic form under Companies Act, 2013. Now this provision has been made optional for maintaining the registers and records in electronic form by the virtue of amendment in Rule 27 sub rule (1) and explanation as the word “shall”, the word “may” shall be substituted. After this, now the companies can either choose to maintain the registers and records in electronic form or not.
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