The Institute of Cost Accountants of India (ICMAI) has offered Indian Council Medical Research ( ICMR ) for the costing of COVID-19 tests on a voluntary basis.
The ICMAI President, CMA Balwinder Singh said that “We all are aware that the entire world is grappling with the COVID-19 disease and Government is taking all possible steps to curb the spread of the fatal Coronavirus in the Country. One of the measures taken by the Government is testing of COVID-19 disease through various testing protocols. The challenge for any country around the world today is to carry out Coronavirus Tests for its population at an affordable cost. The challenge is particularly acute, given the rising cost of resources involved with the testing protocols. On 12th April 2020, the Institute offered its services on a voluntary basis to ICMR with regard to the costing of the coronavirus tests to be carried out by the government or private pathological laboratories”.
He also said that the Institute through the “Cost Accounting Standards Board” has issued an Advisory on “Treatment of various items of cost in light of the COVID19 pandemic” with a view to underline our professional responsibility to address the issues in the treatment of various items of cost so that the reporting to the stakeholders is True & Fair.
