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About Book Update Version
This updated global edition of the RICS Valuation – Global Standards, or the RICS ‘Red Book Global Standards’ as it has become widely known, reflects, among other things, the recent changes made and incorporated into the International Valuation Standards (IVS), as well as continuing progress in the development of international standards for ethics and for measurement. Other refinements include, but are not limited to:
articulating in more detail the need for clear, unambiguous and documented terms of engagement when members apply any exceptions to VPS 1-5 under PS 1 section 5, Exceptions
definitions and additional commentary on matters relating to sustainability/resilience and environmental, social and governance (ESG) in the Glossary, VPS 2, VPS 3, VPGA 2, Secured lending and VPGA 8, Valuation of real property interests
improving and/or clarifying some of the existing Red Book Global Standards text in the light of feedback, experience and also evolving needs.
Red Book Global Standards reflects the growing importance of successfully combining professional, technical and performance standards in order to deliver high-quality valuation advice that meets the expectations and requirements of clients; of governments, regulatory bodies, other standard-setters; and the public.
Transparency, consistency, and the avoidance of conflicts of interest have never been more important.
Nor has the technical expertise and practical ability ever been more in demand, including the experience and insight necessary to interpret and review market dynamics and trends, and – in relation to real estate assets – to recognize the growing relevance of sustainability factors as a market influence.
RICS-qualified valuers are at the forefront of the valuation profession and the Red Book Global Standards is their definitive implementation guide.
Changes in this updated edition continue to focus on enhancing its clarity and ease of use, with improved cross-references to other source documents. As before, the International Valuation Standards are cross-referenced throughout and reproduced in full in Part 6.
Part 1: Introduction
1 Consistency, objectivity, and transparency are fundamental to building and sustaining public confidence and trust in valuation.
In turn, their achievement depends crucially on valuation providers possessing and deploying the appropriate skills, knowledge, experience, and ethical behavior, both to form sound judgments and to report opinions of value clearly and unambiguously to clients and other valuation users in accordance with globally recognized norms.
2 As the requirements of governments and regulators progressively increase and the expectations of valuation users continue to grow, global standards for valuation have continued to evolve and now take three different but closely interrelated forms:
a Professional standards – centered on ethics and conduct, underpinned by knowledge and competence.
b Technical standards – centered on common definitions and conventions, underpinned by consistent application through recognized approaches.
c Performance or delivery standards – centred on rigour in analysis and objectivity of judgment, backed by appropriate documentation and clarity when reporting.
3 With its focus on practical implementation, this updated edition of the RICS Valuation
– Global Standards, commonly referred to as the RICS Red Book Global Standards, applies the latest international standards and supplement them with additional requirements and best practice guidance that, when combined, provide the highest levels of assurance to promote and maintain public trust in valuation professionalism and quality.
4 At its heart this volume adopts and applies the International Valuation Standards (IVS) published by the International Valuation Standards Council (IVSC). The IVS consists of mandatory requirements that must be followed in order to state that a valuation was performed in compliance with it.
Some aspects of the standards do not direct or mandate any particular course of action, but provide fundamental principles and concepts that must be considered in
undertaking a valuation.
5 These technical standards are delivered within a broader framework of RICS standards, or professional statements as they are individually termed, covering ethics, skills, and conduct – including express requirements regarding the maintenance of confidentiality and the avoidance of conflicts of interest.
This RICS framework also has regard to the International Ethics Standards. Finally, when undertaking work in connection with real estate, RICS members must also have regard to the International Property Measurement Standards (IPMS) wherever applicable, which also continue in development.
6 Compliance with professional, technical, and performance standards is reinforced by a well-established system of regulation and, where necessary, enforcement; and by the progressive introduction of a system of practicing RICS Valuer Registration. The whole ensures
|No. of Pages||296|
|PDF Size||6 MB|
International Valuations Standards Red Book 2022 PDF Free Download