Existing use value (EUV) valuations for UK public sector financial statements
Published July 2023
Effective from October 2023
This professional standard provides practical advice, guidance, consistency and clarity to RICS members in the UK on the interpretation and application of existing use value (EUV) valuations of owner-occupied operational properties in public sector valuations when used for financial reporting purposes. EUV is the prescribed valuation basis as defined in UK VPGA 6 of the RICS Valuation – Global Standards: UK national supplement.
The content is intended to assist members by explaining and reaffirming the principles of EUV when used in the public sector financial reporting context and to enable a more consistent approach.
While the geographic scope of this standard is the UK, many of the principles are globally applicable and may support RICS members outside the UK.
Please note: The cross references in this standard relate to the updated Red Book UK national supplement, which is due to publish later in 2023.