https://www.taxtmi.com/acts?id=20013 The standard prescribes principles for classification of costs to ensure consistent ascertainment of product or service costs and transparent cost statements. Costs must be classified by a dominant characteristic for a specified purpose, using bases such as nature of expense, traceability, function, behaviour, management decision needs, production process and time period. It distinguishes material, labour and expenses; direct and indirect costs (prime cost and overheads); functional categories (production, administration, selling, distribution, R&D); behavioural categories (fixed, variable, semi variable); and decision oriented concepts (marginal, differential, opportunity, sunk and relevant costs). en-us Fri, 11 Sep 2015 17:22:13 +0530 Mon, 14 Sep 2015 10:20:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=20013 The standard prescribes principles for classification of costs to ensure consistent ascertainment of product or service costs and transparent cost statements. Costs must be classified by a dominant characteristic for a specified purpose, using bases such as nature of expense, traceability, function, behaviour, management decision needs, production process and time period. It distinguishes material, labour and expenses; direct and indirect costs (prime cost and overheads); functional categories (production, administration, selling, distribution, R&D); behavioural categories (fixed, variable, semi variable); and decision oriented concepts (marginal, differential, opportunity, sunk and relevant costs). Act-Rules Companies Law Fri, 11 Sep 2015 17:22:13 +0530 https://www.taxtmi.com/acts?id=20013