On November 26, RICS announced the launch of the latest edition of RICS Valuation – Professional Standards 2014 (the ‘Red Book’).
This latest edition has a number of changes to fully incorporate the new International Valuation Standards (IVS) and is effective from January 1, 2014.
The Red Book has been restructured to make it more user-friendly and improve clarity of what is and is not mandatory. The aim of this new edition is to incorporate all related information together in one place, eliminating duplication, saving users valuable time and reducing the risk of misinterpretation.
The book is an essential reference work which sets out mandatory standards and procedures to be adopted by valuers as well as providing guidance on specific valuation matters.
The purpose of the Red Book is to provide an effective framework for clients and third parties, to guarantee that a valuation provided by an RICS member is objective and delivered in a manner that is consistent with internationally recognized valuation standards. It is mandatory for individual valuers and firms registered for regulation by RICS to follow these standards.
“International Valuation Standards increase transparency and market confidence. The Red Book provides the framework for RICS Members to deliver asset valuations to International Valuation Standards which are increasingly being requested by clients and recognized by market regulators”, said Ben Elder, RICS Global Director of Valuations.