RICS Valuation – Global Standards 2017
Red Book global 2017, incorporating the IVSC International Valuation Standards
Issued June 2017, effective from 1 July 2017
This new global edition of the RICS Valuation – Global Standards, or the RICS ‘Red Book’ as it has become widely known, reflects, among other things, the significant changes made and incorporated into the International Valuation Standards (IVS) 2017, as well as recent progress in the development of international standards for ethics and for measurement. Additionally it reflects the growing importance of successfully combining professional, technical and performance standards in order to deliver high quality valuation advice that meets the expectations and requirements of clients; of governments, regulatory bodies and other standard-setters; and of the public.
Transparency, consistency and the avoidance of conflicts of interest have never been more important. Nor has technical expertise and practical ability ever been more in demand, including the experience and insight necessary to interpret and review market dynamics and trends, and – in relation to real estate assets – to recognise the growing relevance of sustainability factors as a market influence. RICS-qualified valuers are at the forefront of the valuation profession and the Red Book is their definitive implementation guide.
Changes in this edition continue to focus on enhancing its clarity and ease of use, with improved cross-references to other source documents. As before, the International Valuation Standards are cross-referenced throughout and reproduced in full in Part 6.
All members providing a written valuation are required to comply with the standards set out in this edition – in other words, unless stated otherwise, they are mandatory. The valuation practice guidance – applications (VPGAs) also included in this edition focus in greater detail on the practical application of the standards in specific contexts, whether for a particular valuation purpose or in relation to a particular asset type – they are advisory. The status of the component elements of the Red Book is explained in more detail in the Introduction that follows and in the second section of the Glossary.