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of <h1>Revised CAS-1 Standard of 2015: Ensures Uniform Cost Classification, Disclosure, and Compliance in Cost Accounting Practices</h1> The revised Cost Accounting Standard (CAS-1) of 2015, issued by the Institute of Cost Accountants of India, outlines the principles for the classification of costs in product or service cost statements. The standard aims to ensure uniformity and consistency in cost classification for disclosure and presentation. It defines various cost components, such as abnormal costs, administrative overheads, conversion costs, and more, while detailing their classification based on nature, traceability, function, behavior, and production process. The standard mandates consistent classification across periods and requires disclosure of any changes affecting cost statements, ensuring compliance and clarity in cost accounting practices.
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