Experts discuss cost accounting standards

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.

Balwinder Singh,Central Council Member,The Institute of Cost and Works Accountants of India (ICWAI) said the Council of the Institute has made mandatory application of cost accounting standards one to 12,with effect from accounting period commencing on or after April 1,2010 for preparation and certification of general purpose cost accounting statements.

In case the member of the Institute in practice are of the opinion that the aforesaid cost accounting standards have not been complied with for preparation of cost statement,it will be his duty to make a suitable disclosure or qualification in his audit report or certificate.

Rakesh Bhalla,Vice-Chairman,NIRC of ICWAI said the ICWAI will endeavour to facilitate the adoption of cost accounting standards by industry and corporate entities to achieve desired objectives of standardisation of cost accounting practices. V S Datey,renowned author on Indirect Taxes,shared principles of valuation with reference to cost accounting standard on cost of production for captive consumption.