2. Definitions:

In these rules, unless the context otherwise requires -

(a) “Act” means the Companies Act, 2013 (18 of 2013);

(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;

²[(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;

* 4.(fa) "lndian Accounting Standards" means Indian Accounting Standards as referred to in Companies (lndian 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.

Amendments

1. Inserted by Notfification Dated 31st December, 2014.

2.  Substituted by the Notification Dated 14th July,2016.

In rule 2, for clause (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;

the following clause shall be substituted, namely:-

"(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;".

3. Substituted by the Notification Dated 20th December 2017 *(effective from the 1st day of July 2017)

In rule 2, for clause (aa),

Central Excise Tariff Act Heading” means the heading as referred to in the Additional Notes in the First Schedule to the Central Exercise Tariff Act, 1985 (5 of 1986)

the following clause shall be substituted, namely:-

(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).

4.Inserted by the Notification Dated 7th December 2017  *(Effective From 1st April 2016)