Emerging Contours of Cost Reporting: A System Embedded Approach

Abstract

This article aims at a contemporary approach to Cost System Design with an operational focus, with emphasis on cost drivers and shaping the cost management system to an equivalent of quality management system, to make the process owners the cost assurers. The approach looks at creating a system driven Cost Dictionary, to enable a Multi-Dimensional Cost Sheet, to help internal decision making. It also suggests using the contemporary IT Architecture Design, making use of measurable and verifiable data that is already available in the entity.