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Part 1: Introduction
Overall purpose
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 by 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:
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 – centered on rigor 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, apply 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 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
| Author | RICS VALUATION |
| Language | English |
| No. of Pages | 296 |
| PDF Size | 6 MB |
| Category | Education |
| Source/Credits | rics.org |
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