Summary of changes to Red Book, 7th edition, June 2011
The 7th edition of the RICS Valuation standards, effective 2 May 2011 marked its issue for the first time in Global, UK and India volumes, and incorporated a number of changes and updates to enhance its clarity and ease of use. These included adopting the term 'valuation standards' rather than 'practice statements' in relation to the key requirements, which continued to be mandatory for members, since the emphasis throughout was on the delivery of valuations to clear and consistent standards.
The standards in VS 1.1 and VS 1.2 were revised to make a clearer distinction between mandatory standards (i.e. the compliance and ethical requirements of VS 1) and those that are not mandatory, if the purpose of the valuation falls within any of the specified exceptions (that is, VS 2 to VS 6). Although differently expressed there was no intention to change the application of principles specified in the 6th edition.
There was some renumbering and reordering of guidance notes as well as updating of them, with a new GN on the depreciated replacement cost method of valuation for financial reporting, upgraded from 'valuation information paper' status. The intention was to ensure that the Red Book global standards aligned and complied with International Valuation Standards (IVS). Further information about IVS evolution was included in the Introduction.
For the current edition of Red Book see www.isurv.com/redbook
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