RICS Red Book
Whether for inclusion in financial statements, for regulatory compliance or to support secured lending and transactional activities, valuations are often relied upon by the property, financial and other markets.
Published by the Royal Institution of Chartered Surveyors (RICS), the Red Book is the common name for the RICS Valuation – Global Standards guide. It was devised to establish consistency, transparency and confidence in valuations by incorporating generally recognised concepts and principles that promote transparency and consistency in valuation practice.
The Red Book is primarily aimed at RICS members undertaking valuations and contains mandatory rules, best practice guidance and related commentary for global use. In the course of their work, RICS members must comply with the Red Book; it is also used by other stakeholders who may require information on valuation.
The International Valuation Standards (IVS) form a core component of the Red Book. They are formulated by the International Valuation Standards Council (IVSC) – an independent, not-for-profit, global standards organisation committed to advancing quality in the valuation profession. The IVSC sets the IVS with a key objective of building confidence and public trust in valuation by formulating standards and securing their universal adoption.
In order to ensure continuous improvement, the IVSC periodically updates the standards. So, for example, changes to IVS 2017 will take effect from January 31, 2020. Changes such as these are reflected in the Red Book which adopts and applies the IVS.
Since June 2015, the UK and global portions of the RICS Red Book have been issued separately. Copies of the Red Book can be purchased from the RICS. The Institution also runs training courses on the theory and practice of the Red Book.
Ref https://www.rics.org/uk/upholding-professional-standards/sector-standards/valuation/red-book/
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