The Societal Importance of Cost Accounting Standards

Abstract

The Cost Accounting Standards are principles that deal with the principles of costing, and provide guidance on the preparation of General Purpose Cost Statements, which require attestation by the cost accounting profession, wherever applicable. IFAC'S mission statement gives due emphasis to the public interest and recognizes that a fundamental way to protect this public interest is to develop, promote, and enforce internationally recognized standards as a means of ensuring the credibility of information upon which investors and other stakeholders depend.