JOINT COSTS

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....niformity, consistency in the principles, methods of determining and assigning Joint Costs with reasonable accuracy. 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: Product with relatively low value produced incidentally in the manufacturing of the product or service. 4.2. Cost Object: An activity, contract, cost centre, customer, process, product, project, service or any other object for which costs are ascertained. 4.3 Imputed Cost: Notional cos....

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....essing of joint product/By-Product carried out by outside parties shall be determined 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 w....