Draft: International Cost Management Standard, 3rd edition (ICMS 3)

This third edition of ICMS recognises the criticality of consistently reporting carbon emissions if a disaster caused by global climate change is to be averted. By providing a common reporting framework for capital costs, life cycle costs and carbon emissions, it allows their interrelationship to be explored, and provides the data to make decisions about the design, construction, operation and maintenance of the built environment that optimises environmental sustainability.

In addition to extending the use of ICMS to carbon emissions, the Standard Setting Committee has taken this opportunity to add five new project types: ‘Offshore structures’, ‘Near shore works’, ‘Ports’, ‘Waterway works’ and ‘Land formation and reclamation’ as well as making minor modifications in response to feedback received from practitioners.

Considering these changes, the ICMS Coalition has decided to change the title of ICMS to 'International Cost Management Standard', which, while retaining the same acronym, reflects the broader, high-level scope of its contents. Nevertheless, the structural framework of ICMS remains unchanged, allowing comparisons with reports of capital and life cycle costs that have been produced in accordance with the first and second editions. As a result, those familiar with the second edition will find little different in this third edition other than the inclusion of carbon emissions and the extension of project types.

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Commenting effectively:

The draft standard is provided in two formats: a downloadable PDF for ease of use; and a structured document against which comments can be made. When commenting on this consultation draft, please make sure you:

Comment only on the individual section to which your comment refers, rather than inserting all comments into one section. As responses are collated through an automated system, this will help us to present all comments to the working group in chronological order.

Avoid leaving comments that do not reflect a point of view (e.g. inserting 'okay' across a number of sections); and keep comments as brief and to the point as possible.

Questionnaire:

As well as commenting on the consultation draft, we would also like you to complete a short questionnaire. This is used to pose some specific questions about the draft standard and to collect some general details about those taking part in this consultation, which help us to asses the breadth of the response.

If you require further assistance or information, please contact Simon Hall shall2@rics.org 

This consultation will close on Friday 10 September 2021

Timeline

  • Opened
    5 Jul 2021 at 06:00
  • Closes
    10 Sep 2021 at 23:59

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