Valuation standards

RICS Valuation Standards

The RICS Valuation - Global Standards 2017 (Red Book 2017) were published in June 2017 and took effect on 1 July 2017. See also the Basis for conclusions document that accompanies the Red Book 2017. Red Book 2017 adopts and is fully compliant with the International Valuation Standards (IVS) 2017, which are reproduced in Part 6.

RICS also publishes - separately from the global standards - a number of national standards and guidance material. They are designed to cover specific statutory or regulatory requirements in local jurisdictions, while being consistent with relevant international standards.

The UK valuation standards took effect from 6 January 2014. Updated guidance for UK GAAP took effect on 1 January 2015, and further revisions were issued April 2015.

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.

For previous valuation standards see the Red Book archive or try the handy standards archive tool.

Current related guidance is also available.

For the latest face-to-face learning, conferences, events and news (including IPMS) go to the Red Book and valuation hub.