9 – Standard costing
Publisher Summary 
This chapter discusses standard costing. A standard cost is defined as a predetermined calculation of how much costs should be under specified working conditions. The Terminology goes on to explain that a standard cost is built up from an assessment of the value of cost elements and correlates technical specifications and the quantification of materials, labor and other costs to the prices and/or wage rates expected to apply during this period in which the standard cost is expected to be used. The Terminology envisages that such standards would be used as established control tools through variance analysis, inventory valuation and even for fixing prices. Standards can be set for direct materials, both price and usage, for direct labor, and for indirect fixed or variable conversion expenses. Within the context of the operating of standard costing, the difference between the goal set and the results achieved can be quantified, analyzed, and hopefully, unambiguously communicated. At the very outset, the emphasis on analysis is vital because whereas the variance itself directs attention to its existence, it is the skill in analysis that correctly draws attention to the reason.
Behavioral Properties of Variance Controls
The behavioral implications of variance controls have generally been ignored. This paper examines the characteristics of variance controls, traces their use in modern organizations, and suggests further areas for application and improvement.
Human Rights Obligations and Transnational Corporations: The Limits of Direct Corporate Responsibility
To date, multinational corporations have had no direct human rights obligations under international law. Nonetheless, international lawyers can no longer ignore the increasing role of non-state actors in international society. This article suggests analysing existing mechanisms and new proposals for enhancing the accountability of transnational corporations, grouped into those focusing on the responsibility of the home and host states and those centred on the imposition of direct obligations on corporations. This article will specifically draw attention to the limits of some of the suggested normative changes, from a legal-theoretical perspective and in terms of their capacity to address effectively the challenges of the lack of respect for human rights laws.