Responding to industry feedback, the ICMS Coalition is updating the standard to clarify how construction stakeholders will benefit from a reporting system that provides internationally comparable life cycle cost data.
The input of RICS professionals is crucial as the international standard will form the foundation of the forthcoming Global Cost Prediction Professional Statement, which will contain mandatory requirements for members.
This standard has been written by a group of independent industry leaders. The International Construction Measurement Standards Coalition (ICMSC) is a growing group of more than 40 professional and not-for-profit organisations from around the world, working together to develop and implement international standards for benchmarking, measuring and reporting construction project cost.
The ICMSC Standards Setting Committee comprises 27 independent experts from 17 countries. They were appointed by the coalition to draft, consult and produce the new International Construction Measurement Standards.
ICMS Explained, a user guide for the below International Construction Measurement Standards, is a technical document that sets out the purpose, context and philosophy of ICMS. This practical resource will equip quantity surveyors and cost consultants to deliver cost estimates and financial reports in line with ICMS.
Practitioners will find the below guide valuable as a reference document to address questions of the terminology used and how ICMS rules could apply to a specific project situation.
The user guide also sets out how ICMS is used in practice by drawing on and illustrating real examples of where it is already in use.
Software developers and those requiring the use of structured data are advised to follow the schemas as defined, and those wishing to pursue RICS software certification must demonstrate compliance with this data standard. This data standard is an XML schema and is available to download.
Watch our video to see how companies are using ICMS.