2 Cost accounting standard

Cost accounting standard

Need of Cost & Management Accounting & Role in providing healthcare services at affordable prices

Company Law - Need of Cost & Management Accounting & How it plays a vital role in providing healthcare services at affordable prices and qualitative healthcare to all (Glimpses) In both developing and developed countries, hospitals are seen important community resource that is and should be managed for the benefits of the community. With a GDP ...

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Standard Costing: Easy and Simple way to learn Formula

Company Law - Most of the students thought that the topic STANDARD COSTING is very time consuming and have covered only 5-10 marks in Exams, so chal yr leave it, itne me to koi aur topic cover kr lege. Actually the problem is not that we can’t understand the concepts of this chapter, but the issue is to […]...

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Determining costing in Service Industry

Company Law - I. Introduction: Determining costing in a service industry is an essential concept since every service organization needs to ascertain its business overheads as service sector companies provide their customers with services or intangible products. Put simply, the term service costing or operational costing refers to the computation of the...

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How to determine costing in a manufacturing industry

Company Law - Determining an appropriate costing of your product can make or break your business. Most business owners fail to understand the importance of costing which can actually help your business avoid running into troubles such as loss of profits, time mismanagement and over budgeting....

Read More

Treatment of Fixed Cost In Cost Accounting/Cost Records

Company Law - The fixed Overhead amount is constant per period; the cost per unit of production varies with the volume, this variation is inverse since with increase in production, Cost per unit decreases as the same amount of fixed overheads is spread over larger units of production. As Graphical representation given below- Example:-    Case   Outp...

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Exposure Draft of the Revised Standards on Cost Auditing (SCAs)

Company Law - CAASB Request for Comments on Exposure Draft of the Revised Standards on Cost Auditing (SCAs) Second Proviso to Section 148(3) of the Companies Act, 2013 states that the auditor conducting cost audit shall comply with the cost auditing standards. As per ‘Explanation’ below this proviso, the expression ‘cost auditing sta...

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Advisory on Treatment of Various Items of Cost in view of COVID19

Company Law - Advisory on the Treatment of various items of Cost in light of Covid-19 pandemic & their Presentation / Disclosures in form CRA 3 of The Companies (Cost Records & Audit) Rules 2014 relating to the Accounting Period ending March 31, 2021...

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Cost Accounting Standard on Cost of Production / Acquisition / Supply of Goods / Provision of Services

Company Law - CAS-4 (REVISED 2018) COST ACCOUNTING STANDARD ON COST OF PRODUCTION / ACQUISITION / SUPPLY OF GOODS / PROVISION OF SERVICES The following is the Cost Accounting Standard (CAS-4) (Revised 2018) on “COST OF PRODUCTION / ACQUISITION / SUPPLY OF GOODS / PROVISION OF SERVICES” issued by the Council of the Institute of Cost Accountants of [...

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Guidance Note on Compilation Engagements by a Cost Accountant

Company Law - Introduction The purpose of this Guidance Note on Compilation Engagements by a Cost Accountant is to provide guidance on the cost accountant’s professional responsibilities to compile cost statements and the form and content of the report, the cost accountant issues in connection with such compilation engagement. Objective of Compilatio...

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Summary of changes as per Draft Companies (Cost Records and Audit) Amendment Rules, 2017

Company Law - Pursuant to implementation of IndAS, the Companies (Cost Records and Audit) Rules, 2014 are to be amended to bring parity between financial records and cost records. Accordingly, the Draft Companies (Cost Records and Audit) Amendment Rules, 2017 have been placed on the Ministry’s website www.mca.gov.in for suggestions/ comments....

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GST details in Draft Companies (Cost Records and Audit) Amendment Rules, 2018

NA - (06/08/2018) - Pursuant to introduction of GST, the Companies (Cost Records and Audit) Rules, 2014 are to be amended to incorporate resultant changes. Accordingly, the Draft Companies (Cost Records and Audit) Amendment Rules, 2018 have been placed on the Ministry's website www.mca.gov.in for suggestions/ comments....

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Revised Master Circular on Cost Accounting Records and Cost Audit

Master Circular No. 2/2011 - (11/11/2017) - As per provisions of the Cost Audit Report Rules that are in force from time-to­-time, a cost auditor is required to comment on the scope and performance of internal audit of cost records. Hence it would tend to mitigate against the proper and dispassionate discharge of his duties if he was also t...

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Recent Posts in "Cost accounting standard"

Need of Cost & Management Accounting & Role in providing healthcare services at affordable prices

Need of Cost & Management Accounting & How it plays a vital role in providing healthcare services at affordable prices and qualitative healthcare to all (Glimpses) In both developing and developed countries, hospitals are seen important community resource that is and should be managed for the benefits of the community. With a GDP ...

Read More
Posted Under: Company Law |

Exposure Draft of the Revised Standards on Cost Auditing (SCAs)

CAASB Request for Comments on Exposure Draft of the Revised Standards on Cost Auditing (SCAs) Second Proviso to Section 148(3) of the Companies Act, 2013 states that the auditor conducting cost audit shall comply with the cost auditing standards. As per ‘Explanation’ below this proviso, the expression ‘cost auditing sta...

Read More
Posted Under: Company Law |

Standard Costing: Easy and Simple way to learn Formula

Most of the students thought that the topic STANDARD COSTING is very time consuming and have covered only 5-10 marks in Exams, so chal yr leave it, itne me to koi aur topic cover kr lege. Actually the problem is not that we can’t understand the concepts of this chapter, but the issue is to […]...

Read More
Posted Under: Company Law |

Determining costing in Service Industry

I. Introduction: Determining costing in a service industry is an essential concept since every service organization needs to ascertain its business overheads as service sector companies provide their customers with services or intangible products. Put simply, the term service costing or operational costing refers to the computation of the...

Read More
Posted Under: Company Law |

How to determine costing in a manufacturing industry

Determining an appropriate costing of your product can make or break your business. Most business owners fail to understand the importance of costing which can actually help your business avoid running into troubles such as loss of profits, time mismanagement and over budgeting....

Read More
Posted Under: Company Law |

Advisory on Treatment of Various Items of Cost in view of COVID19

Advisory on the Treatment of various items of Cost in light of Covid-19 pandemic & their Presentation / Disclosures in form CRA 3 of The Companies (Cost Records & Audit) Rules 2014 relating to the Accounting Period ending March 31, 2021...

Read More
Posted Under: Company Law |

Treatment of Fixed Cost In Cost Accounting/Cost Records

The fixed Overhead amount is constant per period; the cost per unit of production varies with the volume, this variation is inverse since with increase in production, Cost per unit decreases as the same amount of fixed overheads is spread over larger units of production. As Graphical representation given below- Example:-    Case   Outp...

Read More
Posted Under: Company Law |

Cost Accounting Standard on Cost of Production / Acquisition / Supply of Goods / Provision of Services

CAS-4 (REVISED 2018) COST ACCOUNTING STANDARD ON COST OF PRODUCTION / ACQUISITION / SUPPLY OF GOODS / PROVISION OF SERVICES The following is the Cost Accounting Standard (CAS-4) (Revised 2018) on “COST OF PRODUCTION / ACQUISITION / SUPPLY OF GOODS / PROVISION OF SERVICES” issued by the Council of the Institute of Cost Accountants of [...

Read More
Posted Under: Company Law |

Guidance Note on Compilation Engagements by a Cost Accountant

Introduction The purpose of this Guidance Note on Compilation Engagements by a Cost Accountant is to provide guidance on the cost accountant’s professional responsibilities to compile cost statements and the form and content of the report, the cost accountant issues in connection with such compilation engagement. Objective of Compilatio...

Read More
Posted Under: Company Law |

GST details in Draft Companies (Cost Records and Audit) Amendment Rules, 2018

NA 06/08/2018

Pursuant to introduction of GST, the Companies (Cost Records and Audit) Rules, 2014 are to be amended to incorporate resultant changes. Accordingly, the Draft Companies (Cost Records and Audit) Amendment Rules, 2018 have been placed on the Ministry's website www.mca.gov.in for suggestions/ comments....

Read More

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