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In a landmark event to highlight the importance of “Cost Accounting”, the Institute of Certified Management Accountants of Sri Lanka (CMASL) and the Institute of Cost Accountants of India (ICAI) hosted a joint International Cost Conference on 20 January, 2024, titled «Cost and Effect on Industry and Services to Drive Business Performance».
The conference brought together delegates from India, Pakistan, Bangladesh, the Maldives, and Sri Lanka, fostering cross-regional dialogue and knowledge exchange on a critical aspect of cost accounting and applicability of cost mechanisms through legal provisions.
The theme resonated deeply with attendees, reflecting the growing recognition of cost accounting›s role in boosting organisational efficiency and competitiveness. Notably, ICAI council members shared their experiences in implementing cost accounting standards and highlighted their multifaceted benefits:
Furthermore, the ICAI emphasised the importance of maintaining verifiable and standardised cost records and cost sheets. Consistent use of standard format cost statements across industries guarantees information comparability and facilitates insightful decision-making. This would enable efficiency and productivity, making the products competitive in the export market.
However, Sri Lankan speakers revealed distinct challenges within the local landscape:
In response, CMASL agreed to collaborate with ICAI to address these shortcomings. Their joint initiative aims to:
This collaborative effort promises to revolutionise cost accounting practices in Sri Lanka. By ensuring the availability of reliable and standardised cost information, the initiative empowers the Government and the public with the tools to make informed decisions and drive efficient resource management. Ultimately, the joint conference and subsequent collaboration mark a significant step towards fostering sustainable economic growth, affordable pricing and bolstering business performance and exports across the region.