Red Book guide
The RICS Valuation - Global Standards is the leading set of practice guidelines available internationally to the valuation community. This section complements the Red Book by providing practical additional commentary on the interpretation and implementation of some of the most important provisions.
The Red Book guide is therefore a perfect companion to the Red Book for all valuation professionals. It covers duties under the standards relating to:
- compliance with Red Book/IVS where a written valuation is provided;
- ethics, competency, objectivity and disclosures;
- minimum terms of engagement;
- inspections and material considerations;
- valuation reports;
- valuation bases and assumptions;
- valuations for financial statements;
- valuations for secured lending;
- valuation in markets susceptible to change;
- specialist valuations;
- registration and monitoring of valuations; and
- applying Red Book outside of the UK.
A range of frequently asked questions and guidance on common problems with reports will help valuers to avoid pitfalls. The Red Book route map provides pointers on key issues at each major stage of a valuation.
This section incorporates updates that reflect:
- the 2014 edition of the Red Book, effective from 6 January 2014;
- the December 2014 reissue of the UK portion to take in changes to UK GAAP effective from January 2015 (see the summary); and
- the publication of the UK national supplement 2018.
On 1 July 2017 a new edition of the global valuation standards, the RICS Valuation – Global Standards 2017, was issued. See the separate page for a summary of the effects of this. This Red Book guide is in the course of being updated in more detail with the changes arising from the 2017 edition and the UK national supplement 2018 (issued 14 November 2018).
For valuations within the UK having a valuation date prior to 14th January 2019, valuers should have regard to the RICS Valuation – Professional Standards UK 2014 (as amended June 2015) as well as the RICS Valuation – Global Standards 2017.
Red Book guide is maintained by Anthony Banfield.
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