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of <h1>New Cost Accounting Standard CAS-9 Defines Packing Material Costs, Valuation Methods, and Disclosure Requirements</h1> The Cost Accounting Standard on Packing Material Cost (CAS-9) issued by the Institute of Cost Accountants of India outlines principles for determining packing material costs, including classification, measurement, and assignment. It distinguishes between primary and secondary packing materials, with primary materials forming part of production costs and secondary materials considered distribution overheads. The standard provides methods for valuation of packing materials, including FIFO, LIFO, and weighted average, and excludes abnormal costs and finance costs from packing material costs. Disclosures in cost statements must include valuation methods, transactions with related parties, and any subsidies or abnormal costs excluded.
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