Since June 2015 the UK and global portions of the RICS Red Book have been issued separately.
Clarification on relationship between Global Red Book 2017 & UK National Chapter
The RICS Valuation-Global Standards 2017 (Global Red Book) has just been published with an effective date of 1st July 2017 to coincide with the effective date of the 2017 International Valuation Standards. This new edition replaces the January 2014 Global edition of the Red Book.
The UK National Standards supplement the Global Red Book for valuations carried out in the UK. We are working on updating the UK National Standards at the moment (to include updated cross-references) and hope to have them in draft form ready for public consultation later this year. Therefore at present the RICS Valuation - Professional Standards UK January 2014 (revised April 2015) remain effective, sitting under the over-arching requirements for all members set down in the 2017 Global Red Book. Accordingly, for the purpose of paragraph 2 in section k) of VPS 3 in the Global Edition, a valuation report declared simply as issued "in accordance with the RICS Red Book" without reference to the year of issue will - for UK jurisdictions - be taken to mean in accordance with the 2017 Global Edition plus UK 2014 (revised 2015) supplement.
The National Standards are referenced on page 5 of the 2017 Global Standards.
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.
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