Document downloads - Managing target cost contracts
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Cost reporting
Published March 2015
Effective from March 2015
This 1st edition guidance note sets out the principles of cost reporting from the perspective of the quantity surveyor to the client during construction.
This guidance note explains the purpose of cost reporting, the factors affecting outturn cost and explores the different formats and types of cost report.
This guidance note covers:
- the purpose of cost reporting;
- cost reporting models;
- report formats;
- establishing the budget;
- treatment of variable costs;
- strategic importance; and
- reporting of loss and expense.
This is part of RICS' Black Book, which is a collection of technical practice documents that covers all processes throughout the construction project life cycle. The documents are essential development tools for junior professionals working through their APC and useful guides to best practice for more experienced professionals.
A project is currently underway to review and update the Black Book content with the aim of producing a comprehensive new edition. Expected to publish in 2025, the new Black Book will comprise an overarching global professional standard, accompanied by practical guidance material. -
Cost prediction
Published November 2020
Effective from 1 July 2021
Reissued June 2024
This 1st edition professional standard provides an overview of global best practice in cost prediction and the implementation of ICMS.
Different markets and construction sectors undertake cost prediction in different ways. Eliciting the key principles from these various approaches, the document sets out mandatory requirements that RICS members and RICS-regulated firms must follow when producing a cost prediction report for a client or senior management.
This document was reissued in June 2024 as a professional standard. It had previously been published in November 2020 as a professional statement. No material changes have been made to the document.