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COST ACCOUNTING STANDARD BOARD

CAS - PREFACE - Rule - Companies Law - CAS - PREFACE - PREFACE TO 1. Introduction Due to open competition for globalization, the Cost Management has gained special importance in the business activities. (hereinafter called CASB) set up by the Council of the Institute 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 a .....

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ounting with the following objectives: 3.1 To equip the profession with better guidelines on standard cost accounting practices 3.2 To assist the Cost Accountants in preparation of uniform cost statements 3.3 To provide guidelines to Cost Accountants to make standard approach towards maintenance of Cost Accounting Record Rules and Undertaking Cost Audit under section 209(1)(d) and section 233B of Companies Law respective and various other Acts like Income-tax Act, Central Excise Act, Customs Act .....

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es in respect of selected practices 4.3 Preparation of draft on the standard cost accounting practices in respect of chosen areas/topic in cost accounting and circulate it to the members of the Institute, national accounting institute and other end user bodies like industry association, Chambers of Commerce and Industry, Government bodies etc. 4.4 Allowing sufficient time for consideration and comments on the exposure draft 4.5 Pronouncement of the exposure draft as 'standard' after givi .....

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' issued by CASB will be recommendatory in nature and every member of the institute is expected to honour the same. 5.2 A standards will always make sure that it complies with the legal regulations in respect of the matter covered by it. However, a standard by its vary nature will have to be more definite and specific than its legal requirements. 5.3 Any limitation in application of a 'standard' in specific circumstances must be spelt out in the 'standard' itself. 5.4 Every s .....

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