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 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.
Since ICMS-2 the coalition has worked to develop ICMS-3, including capital costs, life cycle costs and carbon emissions. To ensure the standard is fit for purpose a consultation is launched for professionals globally to feed into. The consultation closes on 10 September 2021, with the final document ready for publication later in the year. All stakeholders in the construction and infrastructure sectors can comment on the draft standard.
For more information on the ICMS, go to our Projects page.