Joint costs

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....racy. 3. Scope The standard shall be applied to cost statements which require classification, measurement, assignment, presentation and disclosure of Joint Costs including those requiring attestation. 4. Definitions The following terms are being used in this standard within the meaning specified. 4.1 By-Product: output of some value produced incidentally while manufacturing the main product. 4.2 Cost Object: This includes a product, service, cost centre, activity, sub activity, project, customer or distribution channel or any other units in relation to which costs are ascertained2. 4.3 Imputed Cost: Hypothetical or notional costs, not involving any cash outlay computed for any purpose. 4.4 Joint Costs: Joint costs are the cost of co....

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....ined at invoice or agreed price including duties and taxes, net of discounts (other than cash discount) taxes and duties refundable or to be credited and other expenditure directly attributable to such processing . This cost shall also include the cost of resources provided to outside parties. 5.5 In case the production process generates scrap or waste, realized or realizable value, net of disposal cost, of scrap and waste shall be deducted from the cost of Joint Product. 5.6 Any Subsidy / Grant / Incentive or any such payment received / receivable with respect to any joint product /By-Product shall be reduced for ascertainment of the cost to which such amounts are related. 5.7 Penalties, damages paid to statutory authorities or other th....