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of <h1>New Cost Accounting Standard CAS-7: Guidelines for Classifying and Recording Employee Costs in Company Financial Statements</h1> The Cost Accounting Standard on Employee Cost (CAS-7) issued by the Institute of Cost and Works Accountants of India outlines principles for classifying, measuring, and assigning employee costs in cost statements. Employee costs include wages, salaries, bonuses, and benefits like provident fund contributions and welfare facilities. The standard mandates companies to maintain cost records as per Generally Accepted Cost Accounting Principles (GACAP) and CAS-7, especially those with significant net worth, turnover, or listed securities. Employee costs are categorized as direct or indirect, with direct costs linked to production and indirect costs included in overheads. Disclosures in cost statements must include capital work costs, separation costs, abnormal costs, and related party transactions.
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