Red Book guide

RICS Valuation – Global Standards (Red Book Global Standards) is the leading set of practice guidelines available internationally to the valuation community. This section complements Red Book Global Standards by providing additional practical commentary on the interpretation and implementation of some of the most important provisions.

The Red Book Global Standards guide is therefore a perfect companion for all valuation professionals. It covers duties under the standards relating to:

  • compliance with Red Book Global Standards/IVS where a written valuation is provided;
  • ethics, competency, objectivity and disclosures;
  • minimum terms of engagement;
  • inspections and material considerations;
  • valuation reports;
  • valuation bases and assumptions;
  • valuations for financial statements;
  • valuations for secured lending;
  • valuation in markets susceptible to change;
  • specialist valuations;
  • registration and monitoring of valuations; and
  • applying Red Book Global Standards outside of the UK.

A range of frequently asked questions and guidance on common problems with reports will help valuers to avoid pitfalls. The Red Book route map provides pointers on key issues at each major stage of a valuation.

On 1 July 2017, RICS Valuation – Global Standards 2017 was issued. To accompany this, the UK national supplement 2018 was issued on 14 November 2018. Although this Red Book Global Standards guide has not been updated in detail with the changes arising from the 2017 edition and the UK national supplement 2018 (effective from 14 January 2019), most of the principles remain the same. However, you should refer to the separate page summarising the main changes to check references.

Note that a new edition of the RICS Red Book Global Standards, effective from 31 January 2020, was published in November 2019. The reasons for the changes from the previous edition, which are not major, are explained in the accompanying document RICS Valuation – Global Standards: Basis for conclusions.

This Red Book guide is currently being rewritten and revised to take into account the latest requirements, which are effective from 31 January 2020.