This edition of the RICS Valuation - Professional Standards (The Red Book) - March 2012 has been revised to reflect the new International Valuation Standards that came into effect 1st January 2012. Its standards include the International Valuation Standards in full. Publishing March 2012 and effective from 30th March 2012, the RICS Valuation - Professional Standards replaces all previous issues of the Red Book and is completely compliant with IVS (International Valuation Standards, published by the International Valuation Standards Council, July 2011) and its standards also reinforces the RICS VRS (Valuer Registration Scheme). Mandatory for RICS members and IRRV members the latest RICS Valuation - Professional Standards is easier to use. It reinforces the principle that compliance with the Red Book ensures compliance with IVS. It has been updated to include: - A revised glossary to incorporate the IVS 2011 definitions - Definitions and commentaries on the four bases of value reproduce the IVS material - A new appendix that provides a detailed cross reference between the new IVS and the relevant Red Book standard - A new UK standard, and appendix, relating to the provision of market rent in connection with the calculation of affordable rent - Minimum terms of engagement and reporting have been revised to adopt the terminology used in IVS - A new appendix, listing all the IVS Application Standards deemed to be incorporated into the Red Book - New text to confirm that the revised standards apply only to valuations where the valuation date is on or after their effective date - Reinstated standards on valuations for specific applications, such as financial statements, secured lending and public sector. Each of these now incorporate a summary of the relevant IVS. RICS Valuation - Professional Standards (The Red Book) is issued by the RICS Valuation Professional Group and contains mandatory rules and best practice guidance for all RICS Registered Valuers undertaking valuation services worldwide.
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'Valuation standards drive improved services for our customers, ensuring a consistent approach that delivers valuations to an internationally recognised market norm which is increasingly demanded by clients. The latest Red Book edition reinforces the convergence of thinking in the arena of International' Valuation Standards. Ben Elder, RICS Global Director of Valuation 'Valuation standards are crucially about delivery and assurance. This latest Red Book edition ensures that effective implementation of the new IVS forms an integral part of RICS members' overall service to valuation users.' David Park, Chair, RICS Valuation Standards Board
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