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of <h1>Cost Accounting Standards Board Develops Guidelines for Improved Cost Management and Compliance Practices in India</h1> The Cost Accounting Standard Board (CASB), established by the Institute of Cost and Works Accountants of India, aims to develop cost accounting standards to improve cost management practices. The CASB's objectives include providing guidelines for uniform cost statements, assisting in compliance with statutory obligations, and supporting better cost management for the industry and government. The CASB operates by drafting standards, soliciting feedback, and revising them as needed. While the standards are recommendatory, they are expected to be followed by members and may be enforced through collaboration with the National Accounting Standard Board and inclusion in the Companies Act.
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