CASB releases Exposure Draft - Limited Revision of CASs on Account of Ind AS


13th December 2016


REQUEST FOR COMMENTS


Cost Accounting Standards Board (CASB), the Standards-setting body of the Institute, has approved the release of Exposure Drafts for “Limited Revisions” on account of impact of Indian Accounting Standards (IndAS- converged with IFRS) on the following Cost Accounting Standards:


Sl No. Name of Cost Accounting Standards Ref. Clauses on which there will be impact of IndAS
1. CAS-1: Classification of Cost Addition: clause 8.3 and 8.4
2. CAS-7: Employee Cost Clause 4.7 revised
3. CAS-16: Depreciation and Amortisation
  1. Clause 4.2 (explanation added under this clause);
  2. Clause 4.7 revised;
  3. Two new clauses inserted after clause 4.7, as clause 4.8 and 4.9;
  4. Clauses after 4.7 renumbered;
  5. New Clause 5.5 inserted after 5.4;
  6. Renumbered clause 5.6 revised (previous* clause 5.5);
  7. Renumbered clause 5.11 revised (previous* clause 5.10); and
  8. Renumbered clause 5.15 revised (previous* clause 5.14)
4. CAS-17: Interest and Financing Charges
  1. Clause 4.7 revised;
  2. Clause 5.1 revised.

 

The exposures drafts for the above Cost Accounting Standards are hosted on the Institute’s website for obtaining suggestions and comments from the stakeholders. The Exposure Drafts of these Standards will be modified in light of comments/ suggestions received before being issued in final form.


Please submit your views / comments / suggestions on the Exposure Drafts latest by 12th January 2017 through email at casb@icmai.in


Exposure Drafts can be downloaded on click at the respective Cost Accounting Standards above.

 

 

CMA Balwinder Singh CMA J.K. Budhiraja
Chairman, CASB Secretary, CASB