The International Construction Measurement Standards Coalition are seeking feedback on the second edition of ICMS, which incorporates life cycle costs.
Since publication in July 2017, the International Construction Measurement Standards (ICMS) have provided a single methodology for reporting, grouping and classifying construction project costs. In response to industry feedback following the publication of the first edition of ICMS, the ICMS Coalition have introduced and are seeking feedback on a second edition which incorporates life cycle costs. The second edition will enable practitioners to classify costs across the whole project life cycle, eliminating inconsistencies and discrepancies when accounting, comparing and predicting project finances.
Now is your opportunity to provide feedback to the consultation draft of the second edition of the ICMS standards to ensure that it meets the needs of the global market and builds upon the success of the first edition.
Professionals working in construction and infrastructure
The first edition of ICMS provides an international standard for capital cost reporting. However, clients and governments are now incorporating capital and other life cycle costs into their project decisions. To meet this need, the second edition will incorporate life cycle costs including capital costs.
The single standard classifying costs across the whole project life cycle will enable professionals to make like-for-like comparisons across markets, regions, states and intra-organisationally, ultimately driving better cost projections and budget management.
Professionals working in facility management
The first edition of ICMS focused on creating a standard for capital cost reporting. The second edition builds upon this by creating a cost classification for renewal, operation and maintenance – all components which have a direct impact on facility management.
The second edition of ICMS will better connect facility management and early investment and construction cost decisions.
All RICS professionals can record informal CPD for the time they spend consulting on the draft standard.