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Valuation standards

RICS Valuation - Professional Standards 2014

The Red Book Global and UK valuation standards are effective from 6 January 2014. For valuation standards prior to that date see the Red Book archive.

The 2014 edition of the RICS Valuation – Professional Standards (the Red Book) is the culmination of a comprehensive review of the content, framework and format of the 2012 and earlier editions. It also includes material relating to business valuation and intangible assets.

The 2014 edition adopts and is fully compliant with the International Valuation Standards (IVS) 2013, which are reproduced as an annex. RICS not only embraces these high level valuation principles itself but also supports the adoption and implementation of such universal standards globally. While the RICS Red Book continues to cover in considerable detail the valuation of assets in the form of real estate (land, buildings and interests therein), its coverage extends to all types of asset, including associated liabilities where appropriate.

The Red Book 2014 incorporates a number of significant changes and updates, including its layout and format, to enhance its clarity and ease of use, and to ensure a robust framework for consistency and best practice in the execution and delivery of valuations. Material that previously appeared in different parts of the 2012 edition has been brought together to improve clarity and avoid repetition.

The valuation standards set out procedural rules and guidance for valuers in the conduct of most types of valuation instructions. They set a framework for best practice in the execution and delivery of valuations for different purposes, but do not instruct valuers on how to value in individual cases. For best practice advice on how to value in individual cases see isurv Valuation.