A new edition of the RICS Valuation Standards has been launched today (1 April). The 7th edition of the Red Book includes a number of updates to enhance its clarity and ease of use, and is available for the first time in Global, UK and India volumes.
Effective from 2 May 2011, the latest edition adopts the term 'valuation standards' rather than 'practice statements' in relation to the key requirements, which continue to be mandatory for members. Despite this new terminology, there is no change to the principles specified in the 6th edition, and the emphasis remains on the delivery of clear and consistent valuation practices.
The standards have been revised to make a clearer distinction between those which are mandatory – for example, compliance and ethical requirements – and those that are primarily advisory and relate to the valuation process. There is also some reordering of guidance notes, as well as a new note on the depreciated replacement cost method of valuation for financial reporting.
As with the previous edition, the intention is to ensure that the Red Book aligns and complies with International Valuation Standards, and RICS will issue updates as necessary to ensure that this remains the case.
David Rusholme, RICS Director of Valuation, commented:
‘’The Red Book is the global leader in delivering what the markets and clients require, definitive standards and practical guidance within a framework of ethical conduct and regulation.
“This latest edition is designed to be clearer and easier for property professionals to use and is for the first time available in global, UK and India volumes. RICS valuation standards are a valuable resource for all those involved in property and who strive to achieve the highest level of professionalism and consumer service.”
