Attempt Since early 2006
This is an attempt towards common International Cost Reporting for Business sustenance through transperancy and strategy.
ICRS as it is called by the formulator attempts to address the output formats, though cost recording may continue to closely follow the tenets and principles of Cost Accountancy GACAP(Generally Accepted Cost Accounting Principles).
The formats provided and the columns are yet indicative and have further to be deliberated,the columns may further indicate breakdown into sub-formats,that will emerge out of a meaningful response to these drafts.
ICRS intends to support the principles contained in "B","C","E" and "F" specifically and "A" and "G" Generally,of the "International Good Practice Guidance" released in July 2009 by the PAIB committee of the IFAC on "Evaluating and Improving Costing in Organizations".
There are some International Cost accounting standards in Vogue.
ICRS is an attempt and a step towards harmonising reporting to the global stakeholders.
Comments on this solo-effort solicited in the Journal Management Accountant(a publication by ICWAI)December 2009.
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