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It explains the purpose of cost reporting, common reporting models, and key factors that influence outturn costs. The guidance then moves into practical application: establishing budgets, handling variable costs, variations, fluctuations, losses and expenses, and presenting an example report. 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Copyright in all or part of this publication rests with RICS. No part of this work maybe reproduced or used in any form or by any means including graphic, electronic, or mechanical, including photocopying, recording, taping or web distribution, without the written permission of RICS or in line with the rules of an existing licence.  \nTypeset in Great Britain by Columns Design XML Ltd, Reading, Berks  \nContents  \nRICS professional guidance ....................................... 1  \n1 Introduction ............................................................ 3  \n2 General principles (Level 1: Knowing) ................ 4  \n2.1 The purpose of cost reporting......................... 4  \n2.2 Cost reporting models ..................................... 4  \n2.3 Factors affecting outturn construction costs .. 5  \n2.4 Report formats ................................................. 6  \n2.5 Reporting frequency ........................................ 6  \n2.6 Distribution and confidentiality ........................ 6  \n3 Practical application (Level 2: Doing) ................. 7  \n3.1 Establishing the budget ................................... 7  \n3.2 Treatment of variable costs ............................. 7  \n3.3 Treatment of variations .................................... 8  \n3.4 Fluctuations ..................................................... 8  \n3.5 Loss and expense ........................................... 9  \n3.6 Example report ................................................ 9  \n3.7 Other matters ................................................... 9  \n4 Practical considerations (Level 3: Doing/ advising) ................................................................. 11  \n4.1 Strategic importance ....................................... 11  \n4.2 Budget holder reporting .................................. 12  \n4.3 Contractor consultation ................................... 12  \n4.4 Client and budget holder presentation ........... 12  \n4.5 Risk allowance management........................... 13  \n4.6 Reporting of loss and expense ....................... 13  \n4.7 Reporting of liquidated and ascertained damages .......................................................... 13  \n4.8 Treatment and reporting of tender adjustments ..................................................... 13  \nGlossary ........................................................................ 14  \nii RICS guidance note, UK  \n[rics.org](rics.org)  \nRICS professional guidance  \nInternational standards  \nRICS is at the forefront of developing international standards, working in coalitions wi","cbCailcdGcxjK0Zi","https://ap.wps.com/l/cbCailcdGcxjK0Zi","pdf",1461008,"English","# RICS professional guidance\n## 1 Introduction\n## 2 General principles (Level 1: Knowing)\n## 3 Practical application (Level 2: Doing)\n## 4 Practical considerations (Level 3: Doing/ advising)\n## Glossary","[{\"question\":\"What is the purpose of cost reporting in this guidance note?\",\"answer\":\"The guidance note explains cost reporting as a way to communicate, manage, and understand construction costs and their drivers from budget to outturn.\"},{\"question\":\"How should variable costs and variations be treated?\",\"answer\":\"It provides practical rules for handling variable costs and the treatment of variations within the reporting process.\"},{\"question\":\"What additional topics are covered in the practical considerations section?\",\"answer\":\"It addresses strategic importance, budget holder reporting, contractor consultation, risk allowance management, and how to report loss and expense, liquidated damages, and tender adjustments.\"}]","Cost reporting - RICS guidance note, UK - 1st edition | PDF",1789167631,6]