Currently attainable standards are standard costs that are achievable by a specified level of effort and allow for normal spoilage, waste, and nonproductive time.Definition
Currently Attainable Standards FAQs
Currently attainable standards refer to the minimum level of performance or quality that is expected by an organization, industry, or regulatory body in order to ensure safe and effective operations.
Organizations must adhere to currently attainable standards to protect the interests of their customers, employees, shareholders, and suppliers. Adherence to these standards also ensures compliance with applicable laws and regulations.
Examples of currently attainable standards include minimum employee safety requirements, acceptable levels of data security, customer satisfaction thresholds, and efficiency benchmarks.
Organizations can ensure that they are meeting currently attainable standards by conducting regular audits and reviews of their operations, implementing quality control measures, and establishing clear policies and procedures.
If an organization does not meet currently attainable standards, there may be legal and financial consequences, such as fines or penalties. In some cases, failure to meet these standards can also result in the loss of customers or reputational damage for the organization.
True Tamplin is a published author, public speaker, CEO of UpDigital, and founder of Finance Strategists.
True is a Certified Educator in Personal Finance (CEPF®), author of The Handy Financial Ratios Guide, a member of the Society for Advancing Business Editing and Writing, contributes to his financial education site, Finance Strategists, and has spoken to various financial communities such as the CFA Institute, as well as university students like his Alma mater, Biola University, where he received a bachelor of science in business and data analytics.
To learn more about True, visit his personal website or view his author profiles on Amazon, Nasdaq and Forbes.
