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TMI BlogJoint costsX X X X Extracts X X X X X X X X Extracts X X X X ..... sts 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: 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... roduct/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 which such amounts are relate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sclosure should be made only where material, significant quantifiable. 8.4 Disclosures shall be made in the body of Cost Statements or as a foot note or as a separate schedule. 8.5 Any change in the cost accounting principles and methods applied for the measurement and assignment of the Joint costs and the value assigned to by-product during the period covered by the cost statement which has a material effect on the Joint/ By-Products shall be disclosed. Where the effect of such change is not ascertainable wholly or partly the fact shall be indicated. 9. Effective date: This Cost Accounting Standard shall be effective from the period commencing on or after 1st April 2014 for being applied for the preparation and certificatio ..... X X X X Extracts X X X X X X X X Extracts X X X X
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