26 Jun 2017
RICS Valuation — Global Standards 2017 has undergone an essential update.
Widely known as the 'RICS Red Book', the updated edition reflects the growing importance of combining professional, technical and performance standards to deliver high-quality valuations to clients, governments, regulatory bodies and the public.
The update to the RICS Red Book follows a review by the International Valuation Standards Council (IVSC) of the globally benchmarked International Valuation Standards (IVS) earlier this year. IVS 2017 is an important milestone in harmonising valuation practices to bring greater efficiency across international markets.
Watch: What's changed? (Updated 28 June)
A guide to key changes
The accompanying Red Book 2017 (Global Edition) — A guide to key changes & basis of conclusions explains the rationale behind updates in the final version and highlights significant changes to ensure you can quickly identify what you must do differently to remain compliant. Specifically, it addresses the main refinements made in consequence of the responses received to the public consultation. It has been produced purely to assist the reader and does not form part of the standards.
A valuable resource
The RICS Red Book is increasingly valued by investors, mortgage lenders, portfolio managers and the public sector across the world because it enhances transparency and consistency of valuations.
The revised Red Book provides greater clarity on what is mandatory and what is advisory. The individual professional standards and the technical and performance standards contained in VPS 1 to VPS 5 are mandatory for all members, whereas the 'Valuation Practice Guidance — Applications' are advisory and embody best practice.
The updated Red Book also references the RICS Conflicts of Interest professional statement as well the RICS measurement standards that incorporate International Property Measurement Standards (IPMS).
The updated Red Book is available to download here and will be mandatory for all RICS valuation professionals from 1 July 2017.
Watch: What's the value of the RICS Red Book?
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