May v must
International Valuation Standards (IVS), published by the International Valuation Standards Council in 2021 (effective from 31 January 2022), states:
The word “may” describes actions and procedures that valuers have a responsibility to consider. Matters described in this fashion require the valuer’s attention and understanding. How and whether the valuer implements these matters in the valuation engagement will depend on the exercise of professional judgement in the circumstances consistent with the objectives of the standards.
The word “must” indicates an unconditional responsibility. The valuer must fulfill responsibilities of this type in all cases in which the circumstances exist to which the requirement applies.
[edit] Related articles on Designing Buildings
Featured articles
Check out some of the best features and news from Designing Buildings as well as key stories from around the web.
Cut electricity bills to power growth
Coalition sends joint letter to the Chancellor.
Gasholders: a history in pictures. Book review.
Recognition, influence and growth
SocEnv identifies three strategic pillars in new strategy to 2045.
Discover the future of roofing, cladding and insulation.
New guidance for professional practice, cultural change and regulation in social housing.
The heritage of nuclear and conventional power stations.
New measures to stop people being ripped off
Government to protect families from cowboy builders and aggressive bailiffs.
New Futurebuild showcase brings an innovation-first approach.
National Planning Policy Framework
Understanding the 2026 changes.
ECA's public affairs priorities
Member consultation opens to shape priorities for 2027 to 2030.
Dutyholder responsibilities from 1 July 2026.
Where performance meets practice
The Building Envelope Stage at UKCW Birmingham.