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News & opinion

6 JUN 2018

Consultation launches for new edition of Red Book

The RICS Red Book is mandatory for all RICS professionals working in valuation and aims to ensure the delivery of credible, transparent and high-quality reports.

Following the review of the widely used RICS Valuation – Global Standards 2017 (Red Book) last year, RICS is now launching a public consultation on the proposed revisions to the UK National Supplement. 

This new UK national supplement will focus on UK statutory or regulatory requirements directly impacting valuation in the UK. The update proposes technical changes to guidance notes which will apply to all RICS Valuation professionals working in the UK.

Technical changes

The technical changes proposed will apply to the following guidance notes:

  • land and buildings apportionments for lease classification under International Financial Reporting Standards
  • depreciated replacement cost method of valuation for financial reporting
  • inspections and material considerations and analysis of commercial lease transactions
  • analysis of commercial lease transactions.

Share your views

RICS professionals working in valuation and their clients can share their insights in the public consultation to shape what will become the RICS Red Book, UK national supplement.

Read and respond to the consultation by midnight on Tuesday 17 July 2018.

Importance of valuation

Valuation, as a discipline, is a critical part of the UK and 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, for example, buying a home. Feedback on the consultation is welcome from valuers and their clients alike.