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TMI BlogCOST ACCOUNTING STANDARD BOARDX X X X Extracts X X X X X X X X Extracts X X X X ..... ute of Cost and Works Accountants of India (ICWAI) and following statements are issued to define the objectives, operating procedures, scope and applicability and authority of CASB. 2. Constitution 2.1 The CASB will have a Chairman as appointed and nominated by the Council of the Institute and other members will also be appointed and nominated by the Council. 2.2 The terms and period of appoint ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ncome-tax Act, Central Excise Act, Customs Act, Sales Tax Act, etc. 3.4 To assist the management to follow the standard cost accounting practices in the matter of compliance of statutory obligations. 3.5 To help Indian industry and the Government towards better cost management 4. Operating Procedure and policies of CASB 4.1 Organizing and initiating discussion and deliberation at national leve ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed in 4.3 above. 4.6 To fix a date for the standard to be effective 4.7 To propagate and generate acceptance and commitment to follow the 'standards' prescribed by CASB 4.8 To revise the 'standards' once issued, if dictated by environment, Government, legal authority and other situation. 5. Scope and Applicability 5.1 The 'standards' issued by CASB will be recommendato ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dard will indicate the date from which it will be operative. 5.6 The standards will be applicable to preparation of cost statements and other documents where the concepts embedded in the standard will be applicable. 5.7 As far as maintenance of cost accounting record rules under section 209(1)(d) is concerned, relevant matter covered under the standards , wherever applicable, will be followed. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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