ICAI to release White Paper on agriculture costing
PrintListen to this Article
The Institute of Cost Accountants of India (ICAI) will release the White Paper on Agricultural Costing and Pricing methods on Thursday.
The release, first on the subject by ICAI, will be made at the 3-day 'National Cost Convention' beginning here on March 15, said an official.
"The government has assigned us to come out with improved costing and pricing methods in four areas - agricultural pricing, services (including toll charges), healthcare and ports. We will come out with the first white paper on agriculture in the National Cost Convention," ICAI President M Gopalakrishnan told reporters here today.
He said all reports for the assigned sectors will be completed within three months.
The government has assigned the Institute with working out the cheapest prices for various services like healthcare, where there are set guidelines for pricing various facilities, he added.
The Institute is also working on common cost accounting practices and has come out with Cost Accounting Standards and Generally Accepted Cost Accounting Principles.
This, he said, "will remove the subjective element in computation of costs and make them comparable across entities".
The government also recently revised the Cost Accounting Records and Cost Audit mechanism from a format-based to a principal-based approach. This is aimed at facilitating tariff authorities such as telecom, sugar, pharmaceuticals, cement, pesticides, electricity and chemicals in fixing tariffs based on a reasonable return over costs.
The Convention, which is expected to be attended by over 1,000 delegates from March 15-17, will debate issues such as policy intervention for sustainable development with CMA (certified management accountants), among others.
The Institute of Cost Accountants of India has around 95 chapters across the country, catering to 50,000 members and 4.5 lakh students, he said. (PTI)
Category : ICWAI | Comments : 0 | Hits : 342
The cost accountants’ institute has requested the government to consider allowing cost and management accountants to conduct financial audit of MSMEs and private limited companies. The Institute of Cost Accountants of India, set up under an Act of Parliament, has around 90,000 members and about 5 lakh students. Seeking to ensure competition as well as parity among cost and management accountants, and chartered accountants, the institute has asked the government to allow its membe...
Companies will now have to ensure that all statements annexed with their cost audit reports are first approved by their boards of directors before final submission. The Corporate Affairs Ministry, which is implementing the Companies Act, has amended the rules pertaining to cost records and audit in this regard. Cost audit is mandatory for various classes of companies, including those in the areas of healthcare, construction and education. As per the rules, cost auditor has to submit the...
The Ministry of Corporate Affairs has set up an Expert Committee today under the chairmanship of R S Sharma, ex-CMD of ONGC, to look into the grievances of the Institute of Cost Accountants of India.ET was first to bring out the injury suffered by the Institute in a story dated 2nd July 2014 under the Cost Audit Rules notified under the new Companies Act.The government's action meets the Institute's long standing demand to give them a fair chance to represent their side and hence was met wi...
The Cost Accountants Institute on Saturday slammed the Corporate Affairs Ministry for proposing to abolish the statutory maintenance of cost records and suggesting to do away with — in most cases — the requirement for cost audit. Such a far-reaching, drastic step without going through a consultation process will hurt the Centre’s revenue collection and not be in the interest of the Indian economy, said Rakesh Bhalla, Chairman of the Northern India regional council of t...
Cost Accountants on Friday protested outside the Pune Municipal Corporation (PMC) against the new cost audit draft rules published by the Ministry of Corporate affairs. The accountants have demanded an immediate withdrawal of the rules claiming it detrimental to their field. The recently published draft Cost Records and Cost Audit Rules 2013 severely curtail the scope of the Cost Audit Mechanism—a system put in place in 1965 and expanded steadily with a view to curb profiteering a...
Comments