RICS Valuation – Professional Standards (the 'Red Book') January 2014 (published in November 2013). A correction was issued in December 2013.

The RICS material included in the January 2014 edition took effect from 6 January 2014 and applies to all valuations where the valuation date is on or after that day.

The UK and global portions are now issued separately.

The June 2015 reprint of the global Valuation Standards incorporates the December 2013 correction, minor errata and an updated index. References only relevant to the UK portion have been removed and pages on other publications have been removed.

Although the global Red Book 2017 is effective from 1 July 2017, the 2014 edition will be available for a short period after that for reference purposes for valuers completing pre-1 July 2017 valuations.

The RICS Valuation – Professional Standards as they apply in the UK were updated with effect from the date of publication in April 2015.  The changes are summarised below:

  • UK appendix 3 was revised to reflect the changes to UK GAAP effective from 1 January 2015 and to the International Standards and Auditing (UK and Ireland).
  • UK appendix 5 was updated to reflect the changes to UK GAAP and the Code of Practice on Local Authority Accounting in the United Kingdom, published by the Chartered Institute of Public Finance and Accounting (CIPFA).
  • A minor change was made to UKGN 7 to reflect the new UK GAAP (FRS 100–103 and FRSSE 2015) application to the financial statements of charities.
  • In UK appendix 10, the Unexpired lease term assumption adjusted from 70 years to 85 years (applies when it is not possible to inspect the lease).
  • Where appropriate references to UK content and to RICS publications have been updated.

For more detail, see pages 6-9 of the document.

Both the global and the UK content are available to purchase in hard copy.

RICS Valuation Standards

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