Project costs as described in project proposals sometimes turn out to be inaccurate. One source of error involves cost estimation in the presence of inflation and price changes. The purpose of this paper is to determine if some common cost reporting and cost escalating standards are advisable for all fish and wildlife projects, and if so, what the standards should be. Relevant cost standards are presented in the report and guidance is provided for using cost escalators and price indices to improve cost predictions and for estimating current costs. The IEAB recommends that information on cost escalating and expected inflation be updated regularly and made readily accessible for use in project proposal development, review and contracting.