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of <h1>New Cost Accounting Standard (CAS-21) Ensures Consistent Quality Control Cost Measurement and Disclosure in Cost Statements</h1> The Cost Accounting Standard (CAS-21) on Quality Control outlines the principles and methods for measuring, assigning, presenting, and disclosing Quality Control costs in cost statements. It aims to ensure uniformity and consistency in determining these costs with reasonable accuracy. The standard defines key terms such as abnormal costs, defectives, finance costs, and quality control costs. It specifies that Quality Control costs should be traceable and excludes finance costs, imputed costs, and abnormal costs. Costs should be assigned based on benefits received and presented separately if material. Disclosures must include the basis of cost distribution, resources used, and any significant changes in accounting principles. The standard is effective from April 1, 2014.
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