The objectives of the institute were as followings:
- To effectively promote and advance Cost Management practice and consciousness.
- To conduct researches and studies in advanced Cost Management practice.
- To educate through conferences, symposia, seminars and other forms of enlightenment programmes, managers of businesses and organizations both in the private and public sectors of the economy on the best practice of Cost Management.
- To provide the forum for the interaction of Cost Management practitioners locally, regionally, and globally.
- To collaborate with individuals and corporate bodies with interest in Cost Management practice both at local and international levels with the aims of sharing practical experiences, benefits and research findings on Cost Management improvement.
- Promote high degree of ethical standards in Cost Management practice.