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of <h1>CAS-5 Standard: Uniform Method for Calculating Transportation Costs, Excludes Penalties, Affects Tax Deductions & Insurance Claims</h1> The Cost Accounting Standard-5 (CAS-5) by the Institute of Cost & Works Accountants of India outlines the determination of average transportation costs for products. It emphasizes the need for uniformity and transparency in calculating transportation costs, which include freight, cartage, and transit insurance. The standard mandates maintaining detailed records for both inward and outward transportation costs, distinguishing between costs for excisable, exempted, and non-excisable goods. It prescribes methods for cost allocation, including weight, volume, and distance, and excludes abnormal costs like penalties from transportation costs. The standard applies to various statutory and regulatory requirements, including tax deductions and insurance claims.
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