The F1 strategy group and F1 commission met in Paris on Monday where a move to limit the spending in the sport was made.
'The principle of a global cost cap has been adopted. The limit will be applied from January 2015', read an FIA statement.
A working group will be established within the coming days comprising the FIA, representatives of the Commercial Rights Holder and Team representatives.
The objective of the working group will be to have regulations approved by the end of June 2014.
A budget cap has been proposed for the past few years in the sport, when former FIA president Max Mosley introduced plans for a £30m limit for the 2010 Formula One season.
That was later raised to £40m but later abandoned, much to the chagrin of the teams who joined under the original cap proposals in 2010.