Valuation standards > UK valuation standards
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.
The revised UK portion of the RICS Valuation – Professional Standards is also available to purchase in hard copy.
RICS standards and guidance
- RICS property measurement
- UK commercial real estate agency
- New rules of measurement
- QS and construction standards
- Residential property standards
- Valuation standards
- List of RICS standards and guidance
- RICS standards and guidance archive
- Introduction to the UK valuation standards
- Summary of changes
- RICS UK valuation standards
RICS UK appendices
- UK appendix 1 UK GAAP – Accounting concepts and terms used in FRS 102
- UK appendix 2 Property categorisation for company accounts prepared under UK GAAP
- UK appendix 3 Relationship with auditors
- UK appendix 4 Accounting for depreciation and associated apportionments under UK GAAP
- UK appendix 5 Valuation of local authority assets
- UK appendix 6 Examples of published references to valuation reports
- UK appendix 7 FCA Listing Rules
- UK appendix 8 Takeovers and mergers
- UK appendix 9 Collective investment schemes
- UK appendix 10 RICS residential mortgage valuation specification
- UK appendix 11 Application of the RICS residential mortgage valuation specification to related purposes
- UK appendix 12 RICS Scotland advice on issuing terms of engagement
- UK appendix 13 Valuation of registered social housing providers' stock for secured lending purposes
- UK appendix 14 Affordable rent and market rent
RICS UK guidance notes
- UKGN 1 Land and buildings apportionments for lease classification under IFRS
- UKGN 2 Depreciated replacement cost method of valuation for financial reporting
- UKGN 3 Valuations for capital gains tax, inheritance tax and stamp duty land tax
- UKGN 4 Inspections and material considerations
- UKGN 5 Local authority disposal of land for less than best consideration
- UKGN 6 Analysis of commercial lease transactions
- UKGN 7 Valuations for charities
- Other RICS publications