International Construction Measurement Standards (ICMS)
Summary
International Construction Measurement Standards (ICMS) are transformational for the global financial management of construction projects. As with accounting professionals and International Financial Reporting Standards (IFRS), international standards allow consistency in reporting across markets and sectors.
ICMS was published in July 2017 and represents the culmination of a collaborative effort from 45 professional construction bodies from around the world, including the RICS. These bodies recognised that there was a problem to be solved in terms of international construction cost reporting. Previous research had shown many countries have different systems and, in developing countries, there were sometimes no systems at all. ICMS resolves these inconsistencies, across buildings and civil engineering, by providing standard classifications and common terminologies.