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
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