23 Feb 2017
Following the review of international valuation benchmarks, RICS is updating its RICS Valuation – Professional Standards, widely known as the “Red Book”.
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The updated global edition, Red Book 2017 will reflect the comprehensive amendments in International Valuation Standards 2017 (IVS 2017)*, and incorporate recent developments in international standards on ethics and measurement. The update also includes technical changes and new guidance on Conflict of Interest that will apply to all RICS professionals.
It's therefore important that all RICS professionals who work in valuation share their insights and expertise to shape what will become the RICS Valuation – Global Standards 2017. They can do so by participating in a six week consultation from 20 February to 3 April 2017.
What's the value of the Red Book
Valuations of both tangible and intangible assets are an important part of global capital and real estate markets. Reviewing the RICS Red Book to reflect IVS 2017 will bolster RICS valuation professionals and give greater confidence to clients who request valuations. We invite and encourage valuers, property firms and industry partners to inform this process by participating in the public consultation. We want our professionals to be at the forefront of asset valuations that are internationally benchmarked, consistent and accurate.
Valuation, as a discipline, is a critical part of the global financial system and its stability. Valuations consist of a range of data that inform the investment decisions of governments, investors, lenders and providers of property services among others. From a public benefit point of view, valuations help consumers determine the value of some of the biggest personal investments they could make, such buying a home.
The RICS Red Book is mandatory for all RICS professionals working in valuation and aims to ensure that they deliver credible, transparent and high-quality reports.
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