7/21/2019 Standard Costing

http://slidepdf.com/reader/full/standard-costing-56dd4996a3ad8 1/2

Minutes of Meeting on SPD Standard Costing, Cost and Analysis and Control

Name of Meeting SPD Standard Costing Review and validation meetingTime and Date 10 am to 1.0 pm, December 31, 2015

Venue B!Participants "R, S#, #$, %S",&SR, SBB, SS', DS, (&#, )*,$(+, !, i-a Ra/im

Sl. Discussion Summary Remarks

Variance reporting! ( presentation on standard costing process made b SS'. "ll -ledge variancereporting to be generated -rom S(P. SS' and SBB to con-irm w/ic/ variances are missing in t/e crrentS(P sstem and identi- t/em -or eection. $/is is to ensre accontabilit -or variances.

.g. 4ariance reporting incldes PP4 6 Procrement Price 4ariance 7not eist at present8, R4 6c/ange Rate 4ariance 7partl eist8, P!4 6 Prodction !rder 4ariance 7eist bt amalgamated wit/

9P48, and 9P4 6 9tiliation Prodction 4ariance 7(malgamated wit/ P!48.

"PR # SS$

Deadline 31st an 201:

% T&e process for ensuring updated and correct '(M data  #$ will send c/anges;corrections re<estto BP( wit/ cop to Prodction;Plant )anager. (ccontabilit o- correct B!)s is wit/ #$.

"PR ) MR$

Deadline'mmediate

* Re+ie of routing information in prodction process and con-irm ( complete review o- rotingin-ormation to be nderta=en t/rog/ time and motion std > proposed : Cost center to 20 ResorcesCenter 7no assessment to be done8 /as to be implemented. (BP to be based on correct rotingin-ormation. $/is will give better lin= wit/ capacit tiliation and prodct costing.

ternal intern;consltants can be deploed to -acilitate t/e roting review process. "?( to act as t/ecoordinator o- t/e process. (ctivit rate 7labor rate and depreciation rate8 to be calclated based on proper planning 7(BP8 o- cost tot/e cost center;resorce center and available labor and mac/ine /or. )an-actring ead to propose,"?( to do t/e de diligence and C!! to approve.

"PR S''

Deadline "eb

201:

Page 1 o- 2

7/21/2019 Standard Costing

http://slidepdf.com/reader/full/standard-costing-56dd4996a3ad8 2/2

-  (ctal data entering;posting in t/e sstem mst be ensred b Prodction team. "?( will nderta=erotine adit to con-irm data correctness.

 (ctal labor /or tiliation and resorce center wise mac/ine /or tiliation to be generate -rom S(Pto ensre better tiliation o- resorces.

"PR # C((Deadline'mmediate

)'S 'ncome Statement presentation to be reviewed to adopt t/e Standard Costing concept in t/ereporting. Dra-t Dec@15 )'S 'ncome Statement 7new presentation8 to be circlated b 15 t/ an@1: to -inaliet/e new presentation.

"PR) S''Deadlinean@1:

/ Common cost allocation process to be reviewed b R(C! "?( and con-irmed. "PR A C"!an 201:

0 "actor controller Position in SPD to be made in place wit/ re<ired cost control manning at eac/ -actor. "PR # S''

 

Page 2 o- 2