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- The ICWAI is celebrating the 50th year of enactment of CWA Act passed by the Parliament, which received the assent of the President of India on 19th May 1959.
Welcome to Portal Launched by Indian CMAs. Members of The I C W A of India WHO ARE The Professional Cost and Management Accountants of India!!!
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Added by: appsconsulting @ 12 Aug 2009 12:13
Incremental progress is better than delayed, or unattained, perfection
This is an old saying that keeps on coming back to my mind every now and then. This is because there are discussions going on Activity Based Costing (ABC) lately. These discussions are happening in person, workshops, networking sites on the Internet. The talks are about the results that it provides and the requirement of data for creating and maintaining the ABC models. It is now well known to the people that having an ABC system would provide a better understanding of the costs and hence the profitability of the products or customers. But at the same time they are worried about the efforts that they have to put to collect the data.
It is true that, this requires some efforts to create the model in your organization, but it is not to the extent that is cannot be managed. Some of the statements are like “Do we have now perform the time study using a stop watch for all the departments?” “Do we have to enter activities for which the expense has happened, like we enter the cost center?” “Do we have to change the chart of accounts?” Actually they are reluctant to do all these things for getting more accurate costs. But to their surprise, when we say it not necessary to do all these things, then people do swing from one extreme to the other. Their feeling is, if we are doing all this, then are we really doing ABC, or are we really going to get more accurate costs?
Let us see what kind of data is required for ABC models. We sill split this into two parts, first t ...
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