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ICMAP releases draft of Cost Accounting Standard for Chemical Fertilizer Companies

KARACHI, November 26, 2008: Institute of Cost and Management Accountants of Pakistan (ICMAP) has released a draft of Cost Accounting Standard for Chemical Fertilizer Industry.

The objective of this Standard (CAS-1) is to facilitate the companies that manufacture chemical fertilizers to maintain their cost accounts in accordance with the requirements of the “SECP Companies Cost Accounting Records (General Order), 2008 and to ensure onward compliance with the provisions of the Companies (Audit of Cost Accounts) Rules, 1998.

This standard would not be mandatory for compliance by the fertilizer industry, however it would facilitate them in improving their overall performance, optimizing production capacity and production cost, conserving energy and rectifying production imbalances. Members of the fertilizer industry who seek these benefits would be inclined to adopt this Standard.

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