RIC’s ICMS to bring ‘greater transparency’ to construction costs
The ICMS allows the industry to cut inconsistencies when accounting, comparing and predicting project finances
The Royal Institution of Chartered Surveyors (RICS) has updated its International Construction Measurement Standards (ICMS) Coalition to feature life-cycle costs to enables practitioners to classify construction costs across the whole project.
Named ICMS 2, RICS said the system would “bridge the capital and revenue divide” and enable the adoption of whole-life costing for future construction and related facilities management and procurement decisions.
With the global construction sector expected to grow in output by 85% to $15.5tn by 2030, RICS added that savings like this would make a “meaningful difference”.
“Helping the construction sector deliver is the only way the world can build more homes and improve the infrastructure we all rely on to lead positive, fulfilling lives,” said RICS’ director of professional standard Ken Creighton.
“RICS' purpose is to deliver confidence in the built and natural environment. Developing and enforcing leading international standards like this is one of the most impactful ways to do that, and we've been proud to be involved with our coalition partners in creating ICMS 2.”