1. A method for creating an accounting record in a communication network, comprising: receiving, by a policy server, policy data from one or more application layer elements, the policy data comprising information associated with an IP session associated with an invoked application, the policy data further comprising a name of the invoked application; receiving, by the policy server, accounting data associated with the IP session from a bearer manager, the accounting data comprising information associated with resources used by one or more lower layer elements during the IP session, the policy server operable to send one or more policies to the bearer manager, the one or more policies operable to instruct the bearer manager to take one or more actions if one or more conditions are satisfied; and creating a consolidated billing record, by the policy server, the consolidated billing record comprising the accounting data received and the policy data received.