Cost Accounting Standards

CMA (Inter / Final) 1201 views 2 replies

CMA KNVV Sri Vidya - Sri Kanth

C.A.Final (New) ICWAI FINAL (New)

11269 Points Posted on 24 April 2009

Cost Accounting Standards
CAS No	Title	Objective	Useful for
CAS1(Final)	Classification of Cost	For preparation of Cost Statements	Assessment of excise duty and other taxes, anti-dumping measures, transfer pricing etc.
CAS2(Final)	Capacity Determination	For determination of capacity	Proper allocation, apportionment and absorption of cost.
CAS3(Final)	Overheads	For Collection, Allocation, Apportionment and Absorption of overheads	Determining Cost of products, services or activities
CAS4(Final)	Cost of Production for Captive Consumption	To determine the assessable value of excisable goods used for captive consumption.	Determining Cost of products, services or activities
CAS5(Final)	Average (equalized) Cost of Transportation	To determine averaged/equalized transportation cost	Calculating the amount of deduction from assessable value of excisable goods, freight subsidy, Insurance claim valuation, etc
CAS6(Final)	Material Cost	To bring uniformity and consistency in the principles and methods of determining the material cost with reasonable accuracy in an economically feasible manner.	Applicable to all cost statements which require measurement, assignment, classification and presentation of material costs. To be followed in all cost statements requiring assurance including attestation.
CAS8(Draft)	Employee Cost	To bring uniformity and consistency in the principles and methods of determining the Employee cost with reasonable accuracy.	Applicable to cost statements which require classification, measurement, assignment, presentation and disclosure of Employee cost including those requiring attestation
CAS9(Draft)	Cost of Utilities	To bring uniformity and consistency in the principles and methods of determining the Cost of Utilities with reasonable accuracy.	Applicable to cost statements which require classification, measurement, assignment, presentation and disclosure of Cost of Utilities including those requiring attestation
CAS11(Draft	Direct Expenses	To bring uniformity and consistency in the principles and methods of determining the Direct Expenses with reasonable accuracy.	Applicable to cost statements which require classification, measurement, assignment, presentation and disclosure of Direct Expenses including those requiring attestation
CAS12(Draft	Packing Material Cost	To bring uniformity and consistency in the principles and methods of determining the Packing Material Cost with reasonable accuracy.	Applicable to cost statements which require classification, measurement, assignment, presentation and disclosure of Packing Material Cost including those requiring attestation

Replies (2)

kamlesh

CMA & CS final

96 Points Posted on 28 April 2009

Whether these cost accounting standards followed universally, as it is no statutory requirement. If it is mandatory then it should be follwed and if it is not followed then there is any effect on financial statements?

CA Ajith Ashokan

AM - FINANCE

36 Points Posted on 20 August 2009

Originally posted by :knvv sri vidya
"	any body have accounting standards disclosure formats for pvt company Cost Accounting Standards CAS No Title Objective Useful for CAS1(Final) Classification of Cost For preparation of Cost Statements Assessment of excise duty and other taxes, anti-dumping measures, transfer pricing etc. CAS2(Final) Capacity Determination For determination of capacity Proper allocation, apportionment and absorption of cost. CAS3(Final) Overheads For Collection, Allocation, Apportionment and Absorption of overheads Determining Cost of products, services or activities CAS4(Final) Cost of Production for Captive Consumption To determine the assessable value of excisable goods used for captive consumption. Determining Cost of products, services or activities CAS5(Final) Average (equalized) Cost of Transportation To determine averaged/equalized transportation cost Calculating the amount of deduction from assessable value of excisable goods, freight subsidy, Insurance claim valuation, etc CAS6(Final) Material Cost To bring uniformity and consistency in the principles and methods of determining the material cost with reasonable accuracy in an economically feasible manner. Applicable to all cost statements which require measurement, assignment, classification and presentation of material costs. To be followed in all cost statements requiring assurance including attestation. CAS8(Draft) Employee Cost To bring uniformity and consistency in the principles and methods of determining the Employee cost with reasonable accuracy. Applicable to cost statements which require classification, measurement, assignment, presentation and disclosure of Employee cost including those requiring attestation CAS9(Draft) Cost of Utilities To bring uniformity and consistency in the principles and methods of determining the Cost of Utilities with reasonable accuracy. Applicable to cost statements which require classification, measurement, assignment, presentation and disclosure of Cost of Utilities including those requiring attestation CAS11(Draft Direct Expenses To bring uniformity and consistency in the principles and methods of determining the Direct Expenses with reasonable accuracy. Applicable to cost statements which require classification, measurement, assignment, presentation and disclosure of Direct Expenses including those requiring attestation CAS12(Draft Packing Material Cost To bring uniformity and consistency in the principles and methods of determining the Packing Material Cost with reasonable accuracy. Applicable to cost statements which require classification, measurement, assignment, presentation and disclosure of Packing Material Cost including those requiring attestation	"