Valuation
Red Book Global Standards consultation
RICS is holding a consultation on the proposed updates to the Red Book Global Standards between 1 July and 2 August 2024, as part of our commitment to sustain public confidence and trust in valuation.
New International Valuation Standards (IVS) were published on 31 January of this year, featuring a revised structure with an emphasis on environmental, social and governance (ESG) factors, data utilisation, and valuation modelling. In response to these updates and the insights gathered from the RICS valuation member survey, RICS is now updating the Red Book Global Standards.
Making these changes will help us incorporate valuation review recommendations, emphasise ESG, data, and valuation modelling. This means the complete reordering of all VPSs to match IVS, including the creation of VPS 6. In addition, along with undertaking technical updates to all the VPGAs, we have revised VPGA 1 Valuations for financial reporting and introduced an additional VPGA 11 Relationships with auditors.
To ensure these changes are effective for the industry, we are holding a five-week consultation, and we invite all RICS members and stakeholders to share their views. See Red Book Global Standards consultation.
- RICS Red Book+
- Valuation practice/methodology+
- Risk management+
- Business valuation+
- Commercial property+
- Land, and rural and agricultural property+
- Machinery and business assets+
- Rating and property taxation+
- Residential property+
- Trade-related, specialist and leisure property+
- Car parks
- Caravan parks and holiday property
- Care homes
- Cinemas
- Doctors' surgeries
- Educational premises: children's day nurseries
- Educational premises: independent schools
- Garden centres
- Golf courses
- Hotels
- Nightclubs
- Petrol filling stations
- Public houses
- Restaurants
- Spas
- Self storage properties
- Vehicle dealerships
- Visitor attractions
- What's new?+