Transfer pricing
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Transfer pricing is the setting of the price for goods and services sold between controlled (or related) legal entities within an enterprise.
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This document discusses overhead costs and their accounting treatment. It defines overheads as indirect costs that cannot be directly attributed to a specific cost object. The document outlines the key steps in overhead accounting: classification of overheads, codification and collection, allocation and apportionment to cost centers, and absorption into product costs. It provides examples of different bases for classifying, allocating, and apportioning overheads. The document also discusses reapportioning service department costs to production departments through various secondary distribution methods like repeated distribution and trial and error.
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- Non-statutory audits are voluntary and terms are agreed upon between the auditor and proprietor.
- Internal audits are independent reviews conducted within an organization to evaluate risk management, controls, and governance processes.
- Special audits are specifically requested to detect potential errors, irregularities, or fraud.
Responsibility accounting and transfer pricing
This document discusses responsibility accounting and transfer pricing. It defines responsibility accounting as a system that recognizes decision centers within an organization and traces costs, revenues, assets, and liabilities by area of responsibility. Responsibility centers are specific units assigned to managers who are held accountable. The main types of responsibility centers are cost centers, profit centers, and investment centers. Transfer pricing refers to the value assigned to goods and services transferred between segments. Alternative transfer pricing schemes include minimum transfer price, market-based transfer price, and cost-based transfer price.
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Transfer pricing
Transfer pricing refers to the prices charged for transactions between related parties. It is important for tax purposes as multinational groups can use transfer pricing to minimize taxes by shifting profits between jurisdictions with different tax rates. The arm's length principle requires transfer prices to be the same as if the parties were unrelated. There are several methods to determine appropriate transfer prices such as the market rate method, adjusted market rate method, and transactional net margin method which compares the profit of related party transactions to similar uncontrolled transactions. Factors that influence transfer pricing include tax rates, currency fluctuations, and regulations from bodies like the OECD.
Contract Costing
Contract costing is a method of accounting for construction or manufacturing projects that take longer than one accounting period to complete. It involves opening a separate account for each contract to track direct costs like materials, labor, and overhead. As work is completed and certified, the contract account is credited for the corresponding portion of the contract price to calculate the profit or loss on that portion. For incomplete contracts at the end of an accounting period, only a portion of the estimated total profit is recognized depending on how much of the work has been certified complete. This method aims to match revenues and expenses across accounting periods for long-term contracts.
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Marginal costing is a costing technique wherein the marginal cost, i.e. variable cost is charged to units of cost, while the fixed cost for the period is completely written off against the contribution.
Overhead rates of absorption
Overhead rates are used to absorb overhead costs based on a quantity or value base like direct labor hours. There are different types of overhead rates like actual, predetermined, blanket, and multiple rates. Predetermined rates are set in advance based on budgets to facilitate cost estimation. Under or over absorption of overheads can occur if actual overhead costs differ from budgeted amounts due to estimation errors. The under or over absorbed amounts are disposed of through supplementary rates, writing off to a costing profit and loss account, or carrying amounts to the next period.
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METHODS & TECHNIQUES OF COSTING
The document discusses different types of audits:
- Statutory audits are legally required reviews of a company's or government's financial records to determine if they provide an accurate representation of their financial position.
- Non-statutory audits are voluntary and terms are agreed upon between the auditor and proprietor.
- Internal audits are independent reviews conducted within an organization to evaluate risk management, controls, and governance processes.
- Special audits are specifically requested to detect potential errors, irregularities, or fraud.
Responsibility accounting and transfer pricing
This document discusses responsibility accounting and transfer pricing. It defines responsibility accounting as a system that recognizes decision centers within an organization and traces costs, revenues, assets, and liabilities by area of responsibility. Responsibility centers are specific units assigned to managers who are held accountable. The main types of responsibility centers are cost centers, profit centers, and investment centers. Transfer pricing refers to the value assigned to goods and services transferred between segments. Alternative transfer pricing schemes include minimum transfer price, market-based transfer price, and cost-based transfer price.
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To understand the basic concepts of marginal cost and marginal costing.
To understand the difference between the Absorption costing and Marginal Costing.
To learn the practical applications of Marginal costing.
To understand Breakeven charts & Limitation
Transfer pricing
Transfer pricing refers to the prices charged for transactions between related parties. It is important for tax purposes as multinational groups can use transfer pricing to minimize taxes by shifting profits between jurisdictions with different tax rates. The arm's length principle requires transfer prices to be the same as if the parties were unrelated. There are several methods to determine appropriate transfer prices such as the market rate method, adjusted market rate method, and transactional net margin method which compares the profit of related party transactions to similar uncontrolled transactions. Factors that influence transfer pricing include tax rates, currency fluctuations, and regulations from bodies like the OECD.
Contract Costing
Contract costing is a method of accounting for construction or manufacturing projects that take longer than one accounting period to complete. It involves opening a separate account for each contract to track direct costs like materials, labor, and overhead. As work is completed and certified, the contract account is credited for the corresponding portion of the contract price to calculate the profit or loss on that portion. For incomplete contracts at the end of an accounting period, only a portion of the estimated total profit is recognized depending on how much of the work has been certified complete. This method aims to match revenues and expenses across accounting periods for long-term contracts.
Marginal costing
Marginal costing is a costing technique wherein the marginal cost, i.e. variable cost is charged to units of cost, while the fixed cost for the period is completely written off against the contribution.
Overhead rates of absorption
Overhead rates are used to absorb overhead costs based on a quantity or value base like direct labor hours. There are different types of overhead rates like actual, predetermined, blanket, and multiple rates. Predetermined rates are set in advance based on budgets to facilitate cost estimation. Under or over absorption of overheads can occur if actual overhead costs differ from budgeted amounts due to estimation errors. The under or over absorbed amounts are disposed of through supplementary rates, writing off to a costing profit and loss account, or carrying amounts to the next period.
Standard costs and variance analysis
Standard costs are developed using formulas, supplier lists, or time studies and compared to actual costs to calculate variances which should be investigated if significant, with variances for direct materials including price, quantity, mix and yield and variances for direct labor including rate, efficiency, mix, yield and idle time.
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Cost accounting is the process of determining the cost of products or services. It involves recording income and expenditures and preparing periodic reports and statements to ascertain and control costs. The objectives of cost accounting include determining selling prices, controlling costs, providing information for decision-making, ascertaining costs and profits, and facilitating the preparation of financial statements. Cost accounting helps management, employees, consumers, creditors, and supports business policies, budgeting, and ensuring optimal use of resources. However, cost accounting lacks uniform procedures and can be expensive to implement.
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This document discusses different types of costing methods used in manufacturing including job costing, batch costing, contract costing, and process costing. Job costing is used to determine the costs of specific jobs or orders. Batch costing is a variant of job costing where similar products are manufactured in batches. Contract costing is a variant of job costing applied to construction projects. Process costing is used for mass production of standardized goods and tracks costs at each stage of production. The document outlines key features, advantages, and disadvantages of each costing method.
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The document discusses job costing, which is a product costing method used for unique products made to customer specifications. It describes job costing systems, different costing methods (actual, normal, standard), and reasons why normal and standard costing are preferable to actual costing. The document also provides examples of job costing sheets and case studies calculating costs for different job orders.
Method of costing
The document discusses various methods and concepts in cost accounting, including:
1. Different types of costing methods like unit costing, job costing, contract costing, batch costing, operating costing, process costing, and multiple/uniform costing.
2. The need to reconcile cost and financial accounts when they are maintained separately, to check for differences in reported profit/loss.
3. Key aspects of cost sheets like classifying cost components, ascertaining product costs, fixing selling prices, and aiding cost control and management decisions.
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This presentation slide is about the concept of "Absorption Costing" in Management Accounting and Control.
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This document discusses absorption costing and marginal costing. Absorption costing treats all manufacturing costs, including fixed and variable costs, as product costs. Marginal costing treats only variable manufacturing costs as product costs and regards fixed costs as period costs. Breakeven analysis determines the level of sales or production at which total revenue equals total costs. It can be used to calculate the breakeven point, target profit, margin of safety, and the impact of changes in costs, revenues, and profits.
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This document provides an overview of transfer pricing. It defines transfer pricing as the price at which divisions of a company transact with each other. The document outlines several purposes of transfer pricing, including evaluating division performance and shifting profits between tax jurisdictions. It also discusses transfer pricing methods, influences on companies, disadvantages, and provides an example to illustrate how transfer pricing can benefit a company.
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This document discusses transfer pricing, which refers to the prices at which divisions within a company trade goods and services with each other. It outlines three main methods for determining transfer prices: cost-based pricing, market-based pricing, and negotiated pricing. The objectives, advantages, and disadvantages of transfer pricing are also examined. Key points covered include minimizing tax liability, maintaining divisional autonomy, and using transfer prices as a performance measurement tool.Job and batch costing
The document discusses job costing and batch costing. It defines job costing as a method where cost is compiled for specific jobs or work orders, rather than for stock. Cost is charged directly to jobs for materials, labor, and expenses. Overhead is apportioned to jobs based on department rates. Batch costing determines cost per unit by dividing total batch costs by the number of units in a batch. The document also discusses determining economic batch quantity to minimize setup and carrying costs, and provides examples of job and batch costing applications.
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This document discusses cost allocation methods and frameworks. It provides 4 types of cost objectives: service departments, producing departments, products/services, and customers. It describes direct and indirect costs and how they are allocated using cost drivers. It also discusses the direct and step-down methods for allocating service department costs and reciprocal services. Finally, it covers allocating costs associated with customers to determine customer profitability.
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1) The conceptual framework provides the theoretical basis for accounting standards and financial reporting. It establishes the objectives of providing useful information to decision makers and the qualitative characteristics of relevant, faithful, comparable, and understandable information.
2) The framework outlines key elements of financial statements including assets, liabilities, equity, revenues, and expenses. It also establishes recognition and measurement assumptions, principles like cost and revenue recognition, and constraints like materiality.
3) The framework is intended to guide standard setting and ensure financial reports meet the needs of users in decision making.
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Management accounting is the process of analyzing business costs and operations to prepare internal reports and records to aid managers' decision-making. It involves collecting accounting information using financial and cost accounting and translating it into useful information for management. The objectives of management accounting include measuring performance, assessing risk, allocating resources, and presenting financial statements. It uses tools like budgeting, variance analysis, and cash flow analysis to help managers with planning, decision-making, and control.
Marginal costing
Marginal costing is an accounting technique that separates total costs into fixed and variable components. It only includes variable costs when determining the cost of producing an additional unit. This helps management compare costs between time periods and determine profitability. CVP (cost-volume-profit) analysis studies the relationships between selling price, costs, volume, and profits. It shows how costs and profits change with volume and can help with decision making, budgeting, and performance evaluation. While useful for short-term analysis, marginal costing has limitations such as difficulty separating fixed and variable costs.
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This document defines key concepts in cost accounting and cost management. It discusses how cost accounting provides information for both management and financial accounting by measuring and reporting costs. It also describes different types of costs like direct, indirect, fixed and variable costs. Finally, it summarizes standard costing and analysis of variance, which are techniques used to evaluate actual performance against pre-established cost standards.
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This ppt covers the following points :-
1. introduction of management accounting
2. Definition of management accounting
3. Nature, objective, tools and techniques, significance and limitations of management accounting
4. difference between financial and management accounting and also includes difference between cost and management accounting
5. management accountant and its roles
6. Management accounting organisation
International Transfer Pricing Methods
There are several methods for setting transfer prices between divisions of a company: cost-based transfer pricing uses costs of production; market-based transfer pricing uses market prices; and negotiated transfer pricing involves negotiation between divisions. Transfer pricing policies can affect employees, shareholders, management, and competitors by impacting divisional profits and market competition. The transfer price is an accounting expense and revenue used between divisions without cash flow changing hands.
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This document discusses transfer pricing, which refers to the price at which divisions within a company transact with each other. It provides definitions of transfer pricing and outlines some key issues like how transfer prices impact revenue and influence whether managers prefer customers or suppliers that are internal or external to the company. The document then describes several methods that can be used to determine transfer prices, such as using market rates, negotiated prices, or cost-plus models. It provides an example of calculating an optimal transfer price between wood and paper divisions of a company. The summary concludes by noting how transfer prices can be manipulated for tax purposes in multinational companies.
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Cost accounting
Cost accounting is the process of determining the cost of products or services. It involves recording income and expenditures and preparing periodic reports and statements to ascertain and control costs. The objectives of cost accounting include determining selling prices, controlling costs, providing information for decision-making, ascertaining costs and profits, and facilitating the preparation of financial statements. Cost accounting helps management, employees, consumers, creditors, and supports business policies, budgeting, and ensuring optimal use of resources. However, cost accounting lacks uniform procedures and can be expensive to implement.
Batch costing
This document discusses different types of costing methods used in manufacturing including job costing, batch costing, contract costing, and process costing. Job costing is used to determine the costs of specific jobs or orders. Batch costing is a variant of job costing where similar products are manufactured in batches. Contract costing is a variant of job costing applied to construction projects. Process costing is used for mass production of standardized goods and tracks costs at each stage of production. The document outlines key features, advantages, and disadvantages of each costing method.
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This document discusses labour cost accounting. It defines direct and indirect labour costs and explains they are a significant production cost. The purposes of labour cost accounting are for wages calculation, financial reporting, management decisions, and control. Labour costs include basic wages, overtime, idle time, and labour turnover. Remuneration methods comprise fixed salaries, time-based pay, and piecework. Idle time and labour turnover are also defined.
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The document discusses job costing, which is a product costing method used for unique products made to customer specifications. It describes job costing systems, different costing methods (actual, normal, standard), and reasons why normal and standard costing are preferable to actual costing. The document also provides examples of job costing sheets and case studies calculating costs for different job orders.
Method of costing
The document discusses various methods and concepts in cost accounting, including:
1. Different types of costing methods like unit costing, job costing, contract costing, batch costing, operating costing, process costing, and multiple/uniform costing.
2. The need to reconcile cost and financial accounts when they are maintained separately, to check for differences in reported profit/loss.
3. Key aspects of cost sheets like classifying cost components, ascertaining product costs, fixing selling prices, and aiding cost control and management decisions.
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This presentation slide is about the concept of "Absorption Costing" in Management Accounting and Control.
Absorption and marginal costing
This document discusses absorption costing and marginal costing. Absorption costing treats all manufacturing costs, including fixed and variable costs, as product costs. Marginal costing treats only variable manufacturing costs as product costs and regards fixed costs as period costs. Breakeven analysis determines the level of sales or production at which total revenue equals total costs. It can be used to calculate the breakeven point, target profit, margin of safety, and the impact of changes in costs, revenues, and profits.
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This document provides an overview of transfer pricing. It defines transfer pricing as the price at which divisions of a company transact with each other. The document outlines several purposes of transfer pricing, including evaluating division performance and shifting profits between tax jurisdictions. It also discusses transfer pricing methods, influences on companies, disadvantages, and provides an example to illustrate how transfer pricing can benefit a company.
PPT on Transfer Pricing
PPT on Transfer Pricing Rani Channamma University, Sangolli Rayanna First Grade Constituent College, Belagavi
This document discusses transfer pricing, which refers to the prices at which divisions within a company trade goods and services with each other. It outlines three main methods for determining transfer prices: cost-based pricing, market-based pricing, and negotiated pricing. The objectives, advantages, and disadvantages of transfer pricing are also examined. Key points covered include minimizing tax liability, maintaining divisional autonomy, and using transfer prices as a performance measurement tool.Job and batch costing
The document discusses job costing and batch costing. It defines job costing as a method where cost is compiled for specific jobs or work orders, rather than for stock. Cost is charged directly to jobs for materials, labor, and expenses. Overhead is apportioned to jobs based on department rates. Batch costing determines cost per unit by dividing total batch costs by the number of units in a batch. The document also discusses determining economic batch quantity to minimize setup and carrying costs, and provides examples of job and batch costing applications.
Cost allocation
This document discusses cost allocation methods and frameworks. It provides 4 types of cost objectives: service departments, producing departments, products/services, and customers. It describes direct and indirect costs and how they are allocated using cost drivers. It also discusses the direct and step-down methods for allocating service department costs and reciprocal services. Finally, it covers allocating costs associated with customers to determine customer profitability.
Conceptual Framework of Accounting
1) The conceptual framework provides the theoretical basis for accounting standards and financial reporting. It establishes the objectives of providing useful information to decision makers and the qualitative characteristics of relevant, faithful, comparable, and understandable information.
2) The framework outlines key elements of financial statements including assets, liabilities, equity, revenues, and expenses. It also establishes recognition and measurement assumptions, principles like cost and revenue recognition, and constraints like materiality.
3) The framework is intended to guide standard setting and ensure financial reports meet the needs of users in decision making.
INTRODUCTION TO MANAGEMENT ACCOUNTING
Management accounting is the process of analyzing business costs and operations to prepare internal reports and records to aid managers' decision-making. It involves collecting accounting information using financial and cost accounting and translating it into useful information for management. The objectives of management accounting include measuring performance, assessing risk, allocating resources, and presenting financial statements. It uses tools like budgeting, variance analysis, and cash flow analysis to help managers with planning, decision-making, and control.
Marginal costing
Marginal costing is an accounting technique that separates total costs into fixed and variable components. It only includes variable costs when determining the cost of producing an additional unit. This helps management compare costs between time periods and determine profitability. CVP (cost-volume-profit) analysis studies the relationships between selling price, costs, volume, and profits. It shows how costs and profits change with volume and can help with decision making, budgeting, and performance evaluation. While useful for short-term analysis, marginal costing has limitations such as difficulty separating fixed and variable costs.
Cost Accounting
This document defines key concepts in cost accounting and cost management. It discusses how cost accounting provides information for both management and financial accounting by measuring and reporting costs. It also describes different types of costs like direct, indirect, fixed and variable costs. Finally, it summarizes standard costing and analysis of variance, which are techniques used to evaluate actual performance against pre-established cost standards.
Management accounting
This ppt covers the following points :-
1. introduction of management accounting
2. Definition of management accounting
3. Nature, objective, tools and techniques, significance and limitations of management accounting
4. difference between financial and management accounting and also includes difference between cost and management accounting
5. management accountant and its roles
6. Management accounting organisation
International Transfer Pricing Methods
There are several methods for setting transfer prices between divisions of a company: cost-based transfer pricing uses costs of production; market-based transfer pricing uses market prices; and negotiated transfer pricing involves negotiation between divisions. Transfer pricing policies can affect employees, shareholders, management, and competitors by impacting divisional profits and market competition. The transfer price is an accounting expense and revenue used between divisions without cash flow changing hands.
Transfer pricing
This document discusses transfer pricing, which refers to the price at which divisions within a company transact with each other. It provides definitions of transfer pricing and outlines some key issues like how transfer prices impact revenue and influence whether managers prefer customers or suppliers that are internal or external to the company. The document then describes several methods that can be used to determine transfer prices, such as using market rates, negotiated prices, or cost-plus models. It provides an example of calculating an optimal transfer price between wood and paper divisions of a company. The summary concludes by noting how transfer prices can be manipulated for tax purposes in multinational companies.
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The document discusses fund flow statements. It explains that fund flow statements provide information about sources and uses of funds that the balance sheet and income statement do not. It then defines key terms like fund, flow, and working capital. It also shows how to prepare a schedule of changes in working capital and the fund flow statement using an example of Z Ltd.
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The problem is, while many finance executives are told what they need to do – to get better visibility into their finances – they often aren’t sure how to make that happen.
Because every dollar spent comes with a potential risk to negatively impact revenue, today’s finance executive needs instant and reliable visibility into what drives the business in order to best manage resources and financials.
So how do you get the most comprehensive view into your organization’s financials?
We discuss how a Driver-Based Cost & Profitability Model can answer a CFO’s most pressing questions:
• Are we using analytics?
• Do we share the same data across the company?
• Are we measuring the right things?
• Do we really have a handle on cost?
• Do we strategize from the top or rationalize from the bottom?
• Are we moving the corporation forward or watching from the sidelines?
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Metrics is Japan's first marketing consultancy focused on auditing the performance of marketing communications. It aims to bring more transparency and fairness to Japan's marketing industry. Metrics offers various auditing services including media audits, creative audits, PR audits, and agency audits. It also provides marketing management consulting. Metrics conducts national and global audits to benchmark client performance against market standards and identify areas for improvement. The goal is to help clients improve marketing ROI and get better value from their marketing investments and suppliers.
2016 CTRM Market Update
Given the significant decline in commodity prices throughout the year in 2015, and impact that decline has had on the markets for CTRM/ETRM software, Commodity Technology Advisory LLC (ComTech) has recently completed an interim update to its biannual in-depth review of the CTRM software market space. This update is based upon an analysis of reported vendor results for 2015 and confidential conversations with several of the larger CTRM vendors regarding financial performance, unannounced deal closings and deal flow. Additionally, our analysis has factored in trends in the job market created by CTRM software and other sources of data.
Please note: This interim analysis is a topside adjustment to previously published forecasts and is not a comprehensive top-down analysis of the market as presented in our biannual CTRM Market Trends and Outlook publication.
As with all our market sizing reviews, readers should be aware that in the development of this data, as in the 2015 CTRM Market Trends and Sizing report, we must delineate boundaries for the companies and applications reflected in the scope of the analysis.
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Transfer pricing
- 2. Submitted To : Prof. Supriya Sehgal 2CMA/JKBS/April'15
- 3. TOPIC : Transfer Pricing Submitted By : Gunjan Singh Prashant Sahoo Jaya Chaddha Monika Sharma Kapil Jain 3CMA/JKBS/April'15
- 4. Shall Cover : Definition Criteria Objectives Purpose Methods 4CMA/JKBS/April'15
- 5. Cont… Use Factors Affecting Advantages Disadvantages 5CMA/JKBS/April'15
- 6. Definition : Transfer pricing is the setting of the price for goods and services sold between controlled (or related) legal entities within an enterprise. Example :- If a subsidiary company sells goods to a parent company, the cost of those goods is the transfer price. 6CMA/JKBS/April'15
- 7. Criteria : • Tax regimes • Local Market conditions • Market Imperfections • Joint-venture partner 7CMA/JKBS/April'15
- 8. Objectives : Goal congruence Performance appraisal Divisional autonomy Simple and easy It should provide each segment with the relevant information required to determine the optimum trade-off between company costs and revenues 8CMA/JKBS/April'15
- 9. Purpose : Multinational companies use transfer pricing to minimize their worldwide taxes, duties, and tariffs. 9CMA/JKBS/April'15
- 11. Market-based Transfer Price It is best if : Perfectly Competitive Market Interdependence of Subunit is Minima. No additional Cost-benefits to company. 11CMA/JKBS/April'15
- 12. Drawbacks : The major drawback to market-based prices is that market prices are not always available for items transferred internally. 12CMA/JKBS/April'15
- 13. Cost-based Transfer Price : About more then half of the major companies in the world transfer items at cost. 13CMA/JKBS/April'15
- 14. Cost Factors : • Full cost • Variable cost • Dual pricing 14CMA/JKBS/April'15
- 15. Negotiated Transfer Pricing : Companies heavily committed to segment autonomy often allow managers to negotiate transfer prices. 15CMA/JKBS/April'15
- 16. Use of Transfer Pricing : • Price setting for services performed by business unit. • A mean of evaluating financial performance of business unit. • Determining the contribution to net profit by centres in organisation. 16CMA/JKBS/April'15
- 17. Cont…. Reduce in corporate taxes paid. Reduce in VAT, excise, Tariffs. 17CMA/JKBS/April'15
- 18. Factors Affecting : Performance measurement. Capability of accounting system Custom duties VAT Taxes on profit 18CMA/JKBS/April'15
- 19. Advantages : Over results. Decisions are better and more timely because of the manager’s proximity to local conditions. Top managers are not distracted by routine, local decision problems. Managers’ motivation increases because they have more control 19CMA/JKBS/April'15
- 20. Disadvantages : Lack of goal congruence among managers in different parts of the organization. Insufficient information available to top management. increased costs of obtaining detailed information. Lack of coordination among managers in different parts of the organization. 20CMA/JKBS/April'15