ACCOUNTING TERMINOLOGY

Bay of Plenty Beacon, Volume 14, Issue 53, 19 October 1949, Page 4

ACCOUNTING TERMINOLOGY

Sir,—l was interested in your report in Monday’s Beacon concerning the ‘proposed’ N.Z. Code of Cost Accounting terminology as a contribution towards ‘ establishing a common international cost accounting code. The N.Z. Code is an established fact and was issued under the authority of the Hon. the Minister of Industries and Commerce in March 1947. (Crown copyright reserved). A Cost Accounting Terminology Committee comprising representatives from the Associated Chambers of Commerce of New Zealand, Incorporated, Institute of Accountants of New Zealand, New Zealand Institute of Cost Accountants, New Zealand Institute of Mechanics, Engineers, Manufacturers Federation and New Zealand Society of Accountants, and others prepared the above standard specifications issued in 1947. Yours etc., CHARLES W. GOOD, (Fellow Incorporated Association of Cost Accountants) Whakatane, October 17, 1949.

We understand from the Standards Council’s report that the proposal now under review is for the extension of the use of the code “through the world of costing”, which we think probably means internationally. It does seem unlikely that the Council would still be considering (in a report presented to Parliament by the Minister of Industries and Commerce only the other day) something that was approved and issued under the authority 'of the same Minister two years ago. However, stranger things can happen in the world of red tape than are ever dreamed of in the world of costing. Editor.