Introduction
Services to Members & Industry
The Institute is continuously updating its members and industry through a regular
Technical Updates in the following areas:
- Updation in IAS, IFRS and ISA
- Amendments in Tax and Corporate Laws
- Economy and Business News
Services to Government & Regulators
The Institute also remained attentive to the changes taking place in the profession
at international and regional levels to immediately update its members. It circulates
draft exposures and proposed policies on which feedback of members at large is sought.
All such drafts and policies are circulated to members and on receiving their feedback,
the same has been compiled and send to concerned policy making institutions with
Institute's recommendations. Under technical support, the Institute is in
active coordination with the Ministry of Finance, Securities and Exchange Commission
of Pakistan (SECP), Federal Board of Revenue (FBR), Auditor General of Pakistan
(AGP), Accountant General Pakistan Revenues (AGPR) and other relevant organizations
on technical and legal matters pertaining to the profession.
Development of Cost Accounting Standards
The Institute, being a sole professional body to regulate the profession of Cost
and Management Accounting, is the authority to develop cost accounting standards
and guidelines. The Institute also develops cost accounting guidelines for the industry
so as to provide them tools and techniques to improve production and cost effectiveness.
The Institute provides technical support to Securities and Exchange Commission of
Pakistan (SECP) in the issuance of Cost Accounting Record Orders (CAROs) for the
industry. In 2013-14, the Institute has introduced following Cost Accounting Standards
which serve as guideline especially for organizations belonging to the sector where
cost audit is mandatory and generally for all those organizations which are looking
for cost efficiency:
Development of Cost Accounting Standards
| Sr. |
Description |
| CAS 01 |
Classification of Cost |
| CAS 02 |
Capacity Determination |
| CAS 03 |
Direct Material Cost |
| CAS 04 |
Direct Labor Cost |
| CAS 05 |
Production Overheads |
| CAS 06 |
Administrative Overheads |
| CAS 07 |
Selling and Distribution Overheads |
| CAS 08 |
Direct Expenses |
| CAS 09 |
Packing Material Cost |
| CAS 10 |
Cost of Production for Captive Consumption |
| CAS 11 |
Cost of Power and Energy |
| CAS 12 |
Cost of Service Cost Centres |
So far, SECP has issued the Cost Audit Record Rules for the following industries:
| Year |
Sector / Industry |
Current Status |
Year |
Sector / Industry |
Current Status |
| 1994 |
Cement Industry |
Applicable from 01-Jul-1994 |
2012 |
Electric Power Generation Industry |
In process |
| 2001 |
Sugar Industry |
Applicable from 13-Feb-2001 |
2013 |
Pharmaceutical Industry |
In process |
| 2012 |
Chemical Fertilizer Industry |
Applicable from 01-Jul-2012 |
2013 |
Automobile Industry |
In process |