RICS has published valuation standards since 1974, which have colloquially become known as the ‘Red Book’. Initially they only applied to valuations incorporated in published accounts, but since the mid 1990s have applied to virtually all valuations. They have been mandatory since 1991.
The purpose of these standards is to ensure that valuations produced by members achieve high standards of integrity, clarity and objectivity, and are reported in accordance with recognized bases that are appropriate for the purpose. The standards set out procedural rules and guidance for members in the conduct of most types of valuation instructions. Their purpose is to ensure that clients receive objective advice, delivered in a professional manner that is consistent with internationally recognized standards. The standards set a framework for best practice in the execution and delivery of valuations for different purposes but do not instruct members how to value, nor do they discuss valuation methodology or techniques.
Download the Member update on the 7th Edition of the RICS Valuation Standards (Red Book) at www.rics.org
Download the Irish Chapter of the Red Book here: