The International Institute of Costs (IIC) was founded on November 27, 1987, in the city of Paraná, Province of Entre Rios, Argentina.

The first Statutes of the International Institute of Costs (IIC) were drafted in 1988 based on the document called "Paraná Declaration" signed in the city of Paraná, Republic of Argentina, on November 27, 1987. They were modified on July 23, 1997 at the V International Congress held in Acapulco, Mexico; on September 17, 1999 at the VI International Congress held in Braga, Portugal, on July 6, 2001 at the VII International Congress held in León, Spain and on November 27, 2003 at the VIII International Congress held in Punta del Este , Uruguay.