Cost Accountant
"Cost Accountant" means a cost accountant as defined in clause (b) of sub-section (1) of section 2 of the Cost and Works Accountants Act, 1959 or any other law for the time being in force and who has obtained a certificate of practice under sub-section (1) of section 6 of that Act
Cost Accountants prepare financial records and reports for a variety of real estate transactions, which can include property sales, rentals, leases and time-sharing. Reports may include items such as development expenses, operational costs and profits. Additionally, accounting professionals develop revenue and expenditure cycle reports, lease abstracts, cash basis income statements and other budget-related items for real estate companies.
Cost accounting for real estate hides the true value of a company’s balance sheet, misleads investors and over or under values companies. Corporate who adopt a regular valuation program that assesses the value of their freehold estate will provide stakeholders with the necessary transparency around the true value of their real estate.
Cost Accountants assist clients with making real estate decisions by performing tasks such as analyzing financial data, preparing reports, and developing tax strategies. This helps in BOQ under RERA after considering the escalation in the lifetime of project.
RERA allows him to be representative of applicant or appellant before the Appellate Tribunal or the Regulatory Authority or the Adjudicating Officer.