Cost Accounting Standard 7 released!

The Council of The Institute of Cost and Works Accountants of India has approved the release of the Exposure Draft on Employee Cost, Utilities, Direct Expenses, Packing Material Cost , as recommended by the Cost Accounting Standards Board (CASB), the standard-setting body of the Institute on December 11, 2008. The CASB’s proposed standard may be modified in light of comments received before being issued as a standard in final form.

Please submit your comments preferably by email, latest by January 30, 2009. Comments should be addressed to:

The Secretary,
Cost Accounting Standards Board
The Institute of Cost and Works Accountants of India,
ICWAI Bhawan, 3rd Floor
3, Institutional Area, Lodi Road,
New Delhi

https://www.icwai.org/icwai/members-casb.asp

The CASB works on the lines of ASB(ICAI) and includes member representative of ICAI and ICSI amoung others.

Like the ASB the standards issued by the CASB are recommendatory for Cost Accounting.

The Institute has identified 39 topics for the standards and has earlier 6 standards issued and now the 7th one.four exposure drafts are now circulated for comments.

Unlike IAS which is developed in london and adopted by ICAI in India there are no outside support on similar lines but there are lot practices and governance in USA,Germany,Japan and Korea which are of Help.There is a Cost Accounting standards board in USA..

https://www.icwai.org/icwai/members-resources.asp?type=CAS

18.

Cost Accounting Standards Board

1.	Shri Gopalakrishnan, M.	(Central Council Member - ICWAI)	Chairman
2.	Shri Wadhwa, Chandra	(Central Council Member - ICWAI)	Member
3.	Shri Raman, A. N.	(Central Council Member - ICWAI)	Member
4.	Shri Mukherjee, Somnath	(Central Council Member - ICWAI)	Member
5.	Shri Bhargave, S. R.	(Central Council Member - ICWAI)	Member
6.	Shri Vasudeva, S. C.	(Government Nominee - ICWAI)	Member
7.	Shri Goyal B. B.	(Adviser Cost, Govt. of India)	Member
8.	Dr. Bhattacharyya, Asish K,	(Professor - IIM, Calcutta)	Member
9.	Dr. Gandhi, Sailesh,	(Professor - IIM, Calcutta)	Member
10.	Dr. Gupta, C. P.	(Professor - IIM, Calcutta)	Member
11.	Shri Muraliprasad, S. A.	(Director, SAM Consultancy Services)	Member
12.	Shri Singh, Jaikant,	(Nominee of MCA)	Member
13.	Shri Jain, Vinod,	(Nominee of ICAI)	Member
14.	Shri Sudhir C. Babu,	(Nominee of ICAI)	Member
15.	Shri Adukia, Raj Kumar,	(Nominee of ASSOCHAM)	Member
16.	Shri Vig, Vikas	(Nominee of PHDCCI)	Member
17.	Shri J. Thiagaran	(Nominee of CII)	Member
18.	Nominee of FICCI		Member
19.	Nominee of SEBI		Member
20.	Shri Augustine Peter, IES	(Nominee of CCI)	Member
21.	Shri A. K. Dhingra	(Nominee of TRAI)	Member
Shri J. P. Singh (Director-Technical)			Secretary