Description from developer site:

"A Color Quality Scale (CQS) is being developed at NIST with input from the lighting industry and the CIE (International Commission on Illumination) to address the problems of the CIE Color Rendering Index (CRI) for solid-state light sources and to meet the new needs of the lighting industry and consumers for communicating color quality of lighting products. The method for calculating the CQS is based on modifications to the method used for the CRI. Although simulations support the appropriateness and usefulness of the proposed CQS, vision experiments will be conducted to improve and validate the CQS. It will then be proposed as a new international standard."

To learn more about the CQS formula visit the NIST site.

ChromaChecker Lighting Inspector can report CQS evaluation according to v. 9.0.3 formula.
An example of the CQS report: