The primary purpose of the JCPSG in its first phase ending 31 July 2002 was to assist and encourage HEIs to apply best practice in costing and pricing. Sound systems of cost accounting are required to provide Higher Education Institutions (HEIs) with a basis for decision-making on a variety of activities, including:
The Transparency Review led to the development of TRAC, an activity-based costing methodology in HEIs. The OST and the Funding Councils jointly agreed in 2003 to identify the full economic costs of research projects and other related activities. This led to the full economic costing methodology, part of the consolidated TRAC guidance
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