Document downloads - UK national supplement
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RICS Valuation – Professional Standards January 2014 UK (revised April 2015) (ARCHIVED)
This document has been archived and is available on isurv for information purposes only.
The RICS Valuation – Professional Standards as they apply in the UK have been updated with effect from the date of publication in April 2015.
In summary the April 2015 changes are:
- 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 UK, published by 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 pages 6-9 of the PDF.
For the current edition of the global standards see www.isurv.com/redbook -
RICS Valuation – Global Standards: UK national supplement (UK Red Book)
Published: 19 October 2023
Effective from: 1 May 2024
For a number of jurisdictions RICS publishes national supplements to the Red Book Global Standards to assist members in the application of those standards in a local context.
The UK national supplement augments Red Book Global Standards for valuations that are subject to UK jurisdiction. -
Depreciated replacement cost method of valuation for financial reporting
The purpose of this UK guidance note is to draw attention to matters relevant to the use of the depreciated replacement cost (DRC) method of valuation.
The ‘cost approach’ and DRC method are regarded as synonymous terms; both are in common use around the world to describe a method of valuation of all types of assets. This guidance note also highlights the reporting requirements outlined in RICS Valuation – Global Standards 2017 – UK national supplement (RB UK) that are particularly relevant when the DRC method has been used.