https://www.taxtmi.com/acts?id=20038 CAS-6 prescribes consistent principles for valuation of receipts and issues, assignment to cost objects, and presentation and disclosure of material cost. Receipts are valued at purchase price plus directly attributable costs net of recoverable credits; finance costs and demurrage/penalties are excluded; self manufactured materials include direct costs and production related overheads. Issues use an adopted cost flow method (FIFO, LIFO, Weighted Average) or standard costing with price variances recognized as material cost; abnormal costs are excluded. Material costs must be traced to cost objects where economically feasible or allocated on rational bases, and cost statements must disclose major items, valuation basis and material exclusions. en-us Fri, 11 Sep 2015 18:03:00 +0530 Thu, 04 Apr 2019 15:18:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=20038 CAS-6 prescribes consistent principles for valuation of receipts and issues, assignment to cost objects, and presentation and disclosure of material cost. Receipts are valued at purchase price plus directly attributable costs net of recoverable credits; finance costs and demurrage/penalties are excluded; self manufactured materials include direct costs and production related overheads. Issues use an adopted cost flow method (FIFO, LIFO, Weighted Average) or standard costing with price variances recognized as material cost; abnormal costs are excluded. Material costs must be traced to cost objects where economically feasible or allocated on rational bases, and cost statements must disclose major items, valuation basis and material exclusions. Act-Rules Companies Law Fri, 11 Sep 2015 18:03:00 +0530 https://www.taxtmi.com/acts?id=20038