CMASL and ICMAI Spearhead Collaborative Effort to Enhance Cost Accounting Standards in Sri Lanka
January 27, Colombo (LNW): The Institute of Certified Management Accountants of Sri Lanka (CMASL) and the Institute of Coast Accountants of India (ICMAI) recently co-hosted an international conference themed ‘Cost and Effect on Industry and Services to Drive Business Performance.’ The event provided a platform for delegates from India, Pakistan, Bangladesh, the Maldives, and Sri Lanka to engage in cross-regional dialogue, fostering knowledge exchange on the pivotal role of cost accounting and financial management.
The chosen theme resonated strongly with attendees, underscoring the increasing recognition of the impact of cost accounting on organizational efficiency and competitiveness. Council members from the Institute of Coast Accountants of India (ICAI) shared insightful experiences in implementing cost accounting standards, highlighting their diverse benefits, including price control, resource allocation, waste minimization, and efficiency enhancement.
ICAI stressed the significance of maintaining verifiable and standardized cost records. The consistent use of standard format cost statements across industries ensures information comparability and facilitates insightful decision-making.
However, speakers from Sri Lanka identified unique challenges within the local landscape.
In response to these challenges, CMASL pledged to collaborate with ICAI to address the identified shortcomings. The joint initiative aims to establish robust cost accounting standards in Sri Lanka, advocating for their adoption across public and private sectors. The initiative further seeks to introduce and promote standard cost reporting sheets and statements, along with guidelines to ensure transparency and accuracy in financial reporting. The overarching goal is to equip stakeholders with the necessary information for making informed decisions in areas such as price control while enhancing awareness and understanding of cost accounting principles.