Sustainability and resilience in addressing construction’s environmental, social, and economic challenges rely on interoperability. A model-centred approach using standardised information structures like industry foundation classes (IFC) is essential for data sharing in architecture, engineering, construction, and facility management. Achieving complete interoperability across domains requires further research. This review paper focuses on IFC schema, highlighting upcoming developments like IFC 5 and “IFC x”, with a core emphasis on modularisation to enhance domain interoperability, improved links between building information modelling (BIM) and geographic information systems (GIS), along with IoT integration into BIM, cloud-based collaboration, and support for other advanced technologies such as augmented reality (AR), virtual reality (VR), artificial intelligence (AI), and digital twins. Through a critical examination of the IFC and an outlook towards its future enhancements, the research has the potential to offer valuable insights into shaping the trajectory of future advancements within the AEC and facility management sectors. The study’s discoveries could aid in establishing standardised data exchange protocols in these industries, promoting uniformity across projects, facilitating smoother communication, and mitigating errors and inefficiencies. Anticipating enhancements in the IFC could catalyse innovation, fostering the adoption of emerging technologies and methodologies. Consequently, this could drive the creation of more sophisticated tools and procedures, ultimately enhancing project outcomes and operational effectiveness.