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SECP prepares cost accounting advice for synthetic firms

19
Apr '12
The Securities and Exchange Commission of Pakistan (SECP) has notified a draft Synthetic and Rayon Companies (Cost Accounting Records) Order, 2012, which would be applicable to companies engaged in processing and manufacturing of any synthetic or rayon products.

The synthetic and rayon products would include acetate yarn/fibre, viscose filament yarn and viscose staple fibre (vsf) in all forms including polyester fibre.

As per the draft Order, once the Order is passed, the companies producing rayon or synthetic products would have to maintain cost accounting records that contain all particulars about utilization of labour, material and other inputs that have a cost.

The draft Order has been made by the SECP in consultation with the Institute of Cost and Management Accountants of Pakistan (ICMAP).

Through the Order, SECP aims to bring uniformity to cost records and cost audit reports of companies engaged in production of rayon and synthetic products. It also has an objective of fostering sustainable growth by enhancing efficiency and transparency.

Fibre2fashion News Desk - India


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