UK valuation standards

Introduction to the UK valuation standards

effective from 6 January 2014,

updated guidance for UK GAAP took effect on 1 January 2015,

further revisions issued April 2015.

The RICS Valuation – Professional Standards as they apply in the UK have been updated with effect from the date of publication in April 2015.

The April 2015 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 Introduction to the UK valuation standards and the Summary of changes.

The revised UK portion of the RICS Valuation – Professional Standards is also available to purchase in hard copy.