Cost accounting standard

Cost Auditor Appointment: Regulations, Procedure & Consequences

CA, CS, CMA - Explore the when, why, and how of appointing a cost auditor under the Companies Act. Learn about eligibility, procedure, and consequences of non-compliance....

Cost Records Maintenance- Applicability Criteria & How to maintain records

CA, CS, CMA - Explore the essentials of Cost Records Maintenance as per Companies Act. Learn criteria, exemptions, formats, and importance of compliance....

Cost Accounting under Section 148 of Companies Act, 2013 & challenges

CA, CS, CMA - What is the Cost Accounting as per Section 148 of Companies Act, 2013 and what are the practical challenges faced by industry in Cost Accounting? Section 148 of the Companies Act, 2013, requires certain classes of companies to maintain cost accounting records and to have those records audited by a cost accountant. The purpose of […...

Budget 2023 proposes valuation of inventory by a cost accountant

CA, CS, CMA - In order to ensure that the inventory is valued in accordance with various provisions of law, it is proposed to amend section 142 of the Act relating to Inquiry before assessment to ensure the following:-(i) To enable the Assessing Officer to direct the assessee to get the inventory valued by a cost accountant,...

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

CA, CS, CMA - 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 ...

ICMAI Releases Exposure Draft on Capacity Determination (Revised)

CA, CS, CMA - ICMAI has published an Exposure Draft on revised Cost Accounting Standard (CAS-2) for Capacity Determination. Learn about changes and how it impacts cost statements....

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

CA, CS, CMA - 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...

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

CA, CS, CMA - 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...

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

CA, CS, CMA - 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 [...

Guidance Note on Compilation Engagements by a Cost Accountant

CA, CS, CMA - 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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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....

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...

Recent Posts in "Cost accounting standard"

Cost Auditor Appointment: Regulations, Procedure & Consequences

Explore the when, why, and how of appointing a cost auditor under the Companies Act. Learn about eligibility, procedure, and consequences of non-compliance....

Posted Under: CA, CS, CMA |

ICMAI Releases Exposure Draft on Capacity Determination (Revised)

ICMAI has published an Exposure Draft on revised Cost Accounting Standard (CAS-2) for Capacity Determination. Learn about changes and how it impacts cost statements....

Posted Under: CA, CS, CMA |

Cost Records Maintenance- Applicability Criteria & How to maintain records

Explore the essentials of Cost Records Maintenance as per Companies Act. Learn criteria, exemptions, formats, and importance of compliance....

Posted Under: CA, CS, CMA |

Cost Accounting under Section 148 of Companies Act, 2013 & challenges

What is the Cost Accounting as per Section 148 of Companies Act, 2013 and what are the practical challenges faced by industry in Cost Accounting? Section 148 of the Companies Act, 2013, requires certain classes of companies to maintain cost accounting records and to have those records audited by a cost accountant. The purpose of […...

Posted Under: CA, CS, CMA |

Budget 2023 proposes valuation of inventory by a cost accountant

In order to ensure that the inventory is valued in accordance with various provisions of law, it is proposed to amend section 142 of the Act relating to Inquiry before assessment to ensure the following:-(i) To enable the Assessing Officer to direct the assessee to get the inventory valued by a cost accountant,...

Posted Under: CA, CS, CMA |

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 ...

Posted Under: CA, CS, CMA |

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...

Posted Under: CA, CS, CMA |

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 […]...

Posted Under: CA, CS, CMA |

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...

Posted Under: CA, CS, CMA |

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....

Posted Under: CA, CS, CMA |

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