Experts discuss cost accounting standards
By admin at 10 May, 2010, 11:25 am
The expert group constituted by the Ministry of Corporate Affairs has specifically highlighted the need to develop cost accounting standards on the basis of generally accepted cost accounting principles. The cost accounting standards board is working to address the issue.
So far, the board has released 12 cost accounting standards, said B B. Goyal, Advisor (Cost), Ministry of Corporate Affairs. He was addressing a gathering during seminar on Mandatory Application of Cost Accounting Standards, organised by the Institute of Cost and Works Accountants of India (ICWAI), Chandigarh Chapter, in association with the PHD Chamber at PHD House, Sector 31, Chandigarh.
Kapil Gupta, Chairman, Chandigarh Chapter of ICWAI and Dalip Sharma, Regional Director, PHD Chamber welcomed the dignitaries and participants and addressed the need of cost accounting standards to standardise the practices followed to ascertain cost of production.
Source : Indian Express
I think it is necessary to make mandatory of cost accounting standards in india.
The corporates are already mandated to adhere to the Secretarial Standards and Accounting Standards. An another standard will put pressure on corporates. Cost Accounting Standards can bring in tune with accounting standards rather than creating another separate set of standards. Mandatory application of CAS shall not be imposed, as it will increase unnecessary compliance cost and they are not anyway required as the AS are well sufficient.
i think CAS will definetly put very good impact on industry . Industries will become more cost conscious rather than taking it as pressure to follow the CAS.