Red Book guide

RICS Valuation – Global Standards (Red Book Global Standards) is the leading set of practice guidelines available internationally to the valuation community. This section complements Red Book Global Standards by providing additional practical commentary on the interpretation and implementation of some of the most important provisions.

This section is a perfect companion for all valuation professionals. It covers duties under the standards relating to:

• compliance with Red Book Global Standards/IVS where a written valuation is provided
• ethics, competency, objectivity and disclosures
• minimum terms of engagement
• valuation bases, assumptions and special assumptions
• valuation approaches and methods
• inspections and material considerations
• Valuation models
• valuation reports
• valuations for financial reporting
• valuations for secured lending
• material valuation uncertainty
• relationship with auditors
• specialist valuations 
• applying Red Book Global Standards outside of the UK and
• valuation reports – common practical problems.

A range of frequently asked questions will help valuers to avoid pitfalls. The Red Book Global Standards route map provides pointers on key issues to be considered at each major stage of a valuation.

All references are to RICS Valuation – Global Standards effective from 31 January 2025, and the UK national supplement also effective from 31 January 2025.

Note that RICS Valuation – Global Standards were updated to align with the revised International Valuation Standards, which also became effective from 31 January 2025. This included major changes, particularly relating to section references.

Red Book guide is maintained by Giles Smith.

Please be aware that comments in this guide and answers to FAQs may not represent the views of RICS or IVSC. Readers are strongly advised to refer to the appropriate parts of Red Book Global Standards and other RICS standards, taking further advice where necessary. The author of this guide cannot accept any liability for comments and interpretations in this guide, which represent his personal opinion. In the event of any differences between the requirements as set out in the latest edition of the RICS standards and this section, the RICS standards should be taken as the correct version.

The latest versions of RICS Valuation – Global Standards and national supplements can always be accessed from the RICS website.