Red Book guide
RICS Valuation – Global Standards (the Red Book) is the leading set of practice guidelines available internationally to the valuation community. This section complements the Red Book by providing additional practical commentary on the interpretation and implementation of some of the most important provisions.
This Red Book guide is therefore a perfect companion 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;
- material valuation uncertainty;
- specialist 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 to be considered at each major stage of a valuation.
All references are to RICS Valuation – Global Standards effective from 31 January 2020, the latest at the time of updating this guide, and the UK national supplement 2018, effective from 14 January 2019.
The Red Book guide is maintained by Anthony Banfield.
Please be aware that comments in this guide and answers to Frequently Asked Questions may not represent the views of RICS or IVSC. Readers are strongly advised to refer to the appropriate part(s) of the Red Book and other RICS guidance, 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.