The Department of Commerce organised a Guest Lecture on Cost Accounting Standards. The resource person is CMA Nilesh Kekan. He is Fellow Member of the Institute of Cost Accountants of India and Chairman of ICMAI-Pune Chapter for the year 2024-25.
CMA Nilesh Sir shared the insights how the CASB formed, how it works and the purpose of the Cost Accounting Standards for the Industries. The purpose of CASB is to maintain uniformity and consistency in the Cost Accounting Methods, Application, preparation of Cost Statements and compliance with the related laws. He covered the basic cost structure to classification of Costs and the important aspects of measurement of both material and employee costs under CAS.
CAS 6 which covered various aspects Material Cost along with scrap, rejection, defective work, self-made material, captive consumption, cost, price and value concepts. CAS 7 Employee cost was covered with components of remuneration paid to employees. It states the ground rules for how a company should measure, assign, and present the money spent on its workforce. Both CAS helps to measure and assign the costs. In all 123 students have benefited from the session.
