diff --git a/doc/getting_started/installation_win.rst b/doc/getting_started/installation_win.rst
index 7a19512f1e3..41c23993599 100644
--- a/doc/getting_started/installation_win.rst
+++ b/doc/getting_started/installation_win.rst
@@ -100,16 +100,16 @@ To install ISSM use the link provided to download from the Intel Developer Zone:
 `ISSM 2016 Download`_ and install it into your system.
 
 Finally, configure your environment variables for the ISSM 2016 toolchain.
-For example, using the default installation path for ISSM:
-:file:`/c/IntelSWTools/ISSM_2016.0.27/tools/compiler`
+For example, using the installation path for ISSM as:
+:file:`/c/IntelSWTools/ISSM_2016`
 
 .. code-block:: console
 
-    export ZEPHYR_GCC_VARIANT=iamcu
-    export IAMCU_TOOLCHAIN_PATH=/c/IntelSWTools/ISSM_2016.0.27/tools/compiler
+    export ZEPHYR_GCC_VARIANT=issm
+    export ISSM_INSTALLATION_PATH=/c/IntelSWTools/ISSM_2016
 
 .. note:: The format of the location for the toolchain installation directory
-   (e.g. :envvar:`IAMCU_TOOLCHAIN_PATH`) must be in the linux format. E.g.
+   (e.g. :envvar:`ISSM_INSTALLATION_PATH`) must be in the linux format. E.g.
    :file:`C:\toolchain` would be written as :file:`/c/toolchain/`.
 
 .. _GIT Download: https://git-scm.com/download/win
diff --git a/scripts/Makefile.toolchain.iamcu b/scripts/Makefile.toolchain.iamcu
deleted file mode 100644
index cbed68a29bf..00000000000
--- a/scripts/Makefile.toolchain.iamcu
+++ /dev/null
@@ -1,20 +0,0 @@
-ifndef IAMCU_TOOLCHAIN_PATH
-$(error IAMCU_TOOLCHAIN_PATH is not set)
-endif
-
-CROSS_COMPILE_TARGET_x86 = i586-intel-elfiamcu
-CROSS_COMPILE_x86=${IAMCU_TOOLCHAIN_PATH}/bin/${CROSS_COMPILE_TARGET_x86}-
-TOOLCHAIN_CFLAGS_x86 = -I${IAMCU_TOOLCHAIN_PATH}/$(CROSS_COMPILE_TARGET_x86)/include/
-CROSS_COMPILE_x86_version = $(shell $(CROSS_COMPILE_x86)gcc -dumpversion)
-
-CROSS_COMPILE= $(CROSS_COMPILE_$(ARCH))
-
-LIB_INCLUDE_DIR_x86 = -L $(IAMCU_TOOLCHAIN_PATH)/lib/gcc/$(CROSS_COMPILE_TARGET_x86)/$(CROSS_COMPILE_x86_version)
-LIB_INCLUDE_DIR_x86 += -L ${IAMCU_TOOLCHAIN_PATH}/$(CROSS_COMPILE_TARGET_x86)/lib
-
-LIB_INCLUDE_DIR = $(LIB_INCLUDE_DIR_$(ARCH))
-
-TOOLCHAIN_LIBS = gcc
-TOOLCHAIN_CFLAGS = $(TOOLCHAIN_CFLAGS_$(ARCH))
-
-export CROSS_COMPILE TOOLCHAIN_LIBS LIB_INCLUDE_DIR TOOLCHAIN_CFLAGS
diff --git a/scripts/Makefile.toolchain.issm b/scripts/Makefile.toolchain.issm
new file mode 100644
index 00000000000..4e1e52f150f
--- /dev/null
+++ b/scripts/Makefile.toolchain.issm
@@ -0,0 +1,38 @@
+ifndef ISSM_INSTALLATION_PATH
+$(error ISSM_INSTALLATION_PATH is not set)
+endif
+
+# IA_VERSION and ARC_VERSION can be used to adjust the toolchain
+# paths inside the ISSM installation to use an specific version, e.g.:
+# IA_VERSION ?= gcc-ia/5.2.1
+# ARC_VERSION ?= gcc-arc/4.8.5
+IA_VERSION ?= .
+ARC_VERSION ?= .
+ISSM_TOOLCHAIN_GCC_IA_ROOT ?= $(ISSM_INSTALLATION_PATH)/tools/compiler/$(IA_VERSION)
+ISSM_TOOLCHAIN_GCC_ARC_ROOT ?= $(ISSM_INSTALLATION_PATH)/tools/compiler/$(ARC_VERSION)
+
+#x86
+CROSS_COMPILE_TARGET_x86 = i586-intel-elfiamcu
+CROSS_COMPILE_x86=$(ISSM_TOOLCHAIN_GCC_IA_ROOT)/bin/$(CROSS_COMPILE_TARGET_x86)-
+CROSS_COMPILE_x86_version = $(shell $(CROSS_COMPILE_x86)gcc -dumpversion)
+
+LIB_INCLUDE_DIR_x86 = -L $(ISSM_TOOLCHAIN_GCC_IA_ROOT)/lib/gcc/$(CROSS_COMPILE_TARGET_x86)/$(CROSS_COMPILE_x86_version)
+LIB_INCLUDE_DIR_x86 += -L $(ISSM_TOOLCHAIN_GCC_IA_ROOT)/$(CROSS_COMPILE_TARGET_x86)/lib
+TOOLCHAIN_CFLAGS_x86 = -I$(ISSM_TOOLCHAIN_GCC_IA_ROOT)/$(CROSS_COMPILE_TARGET_x86)/include/
+
+# arc
+CROSS_COMPILE_TARGET_arc = arc-elf32
+CROSS_COMPILE_arc=$(ISSM_TOOLCHAIN_GCC_ARC_ROOT)/bin/$(CROSS_COMPILE_TARGET_arc)-
+CROSS_COMPILE_arc_version = $(shell $(CROSS_COMPILE_arc)gcc -dumpversion)
+
+LIB_INCLUDE_DIR_arc = -L $(ISSM_TOOLCHAIN_GCC_ARC_ROOT)/lib/gcc/$(CROSS_COMPILE_TARGET_arc)/$(CROSS_COMPILE_arc_version)
+LIB_INCLUDE_DIR_arc += -L $(ISSM_TOOLCHAIN_GCC_ARC_ROOT)/$(CROSS_COMPILE_TARGET_arc)/lib
+TOOLCHAIN_CFLAGS_arc = -I$(ISSM_TOOLCHAIN_GCC_ARC_ROOT)/$(CROSS_COMPILE_TARGET_arc)/include
+
+TOOLCHAIN_LIBS = gcc
+
+CROSS_COMPILE= $(CROSS_COMPILE_$(ARCH))
+LIB_INCLUDE_DIR = $(LIB_INCLUDE_DIR_$(ARCH))
+TOOLCHAIN_CFLAGS = $(TOOLCHAIN_CFLAGS_$(ARCH))
+
+export CROSS_COMPILE TOOLCHAIN_LIBS LIB_INCLUDE_DIR TOOLCHAIN_CFLAGS