RICS RED BOOK
RICS Valuation – Global Standards (the ‘Red Book’) contains mandatory rules, best practice guidance and related commentary for all members undertaking asset valuations. The Red Book is issued by RICS as part of our commitment to promote and support high standards in valuation. The latest edition of the Red Book, RICS Valuation - Global Standards , took effect on 1 July , the same date as the IVS published. Specifically, it addresses the main refinements made in consequence of the responses received to the public consultation. The RICS Red Book was originally the RICS appraisal and valuation manual, which published as two separate titles: Guidance notes on the.
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guide to the rics red book 6th. The RICS Valuation - Global Standards is the leading set of practice guidelines available internationally to the valuation. The new edition of the Red Book – the RICS Valuation – Global Standards – takes effect from 1 July , the same date as the IVS published earlier. This new edition of the RICS Valuation – Professional Standards, the Red Book as it has become widely known, is the culmination of a.
China 0. Professional Standards in Cyprus, 1st edition 0. Professional Standards in Cyprus, 1st edition Greek translation 0. Dubai 0. The Red Book recognises that local statute, or regulation, may have specific requirements that expand the global standards.
Professional Standards in France, 1st edition 0. Professional Standards in France, 1st edition French translation 0. Red Book , French translation 2. France 0. Professional Standards in Germany, 1st edition 0. Professional Standards in Germany, 1st edition German translation 0. Red Book , German translation 1. Germany 0. This guidance note is intended to respond to the regulatory regime introduced by the government in , with the aim of clarifying potential 'grey areas' between the RICS Valuation — Professional Standards January the Red Book and Greek law.
Professional Standards in Greece, 1st edition 0. Professional Standards in Greece, 1st edition Greek translation 0. Professional Standards in Hong Kong, 1st edition 0.
Hot Topic Highlight - RICS Red Book UK National Supplement
Hong Kong 0. Indonesia 0. Red Book , Italian translation 1. Japan 0. Red Book , Dutch translation 3. Netherlands 0. New Zealand 0. This guidance note provides assistance to our members on the application of the RICS Valuation — Professional Standards January the 'Red Book' to valuations that have to be provided in compliance with Polish law.
Professional Standards in Poland, 1st edition 0.
RICS Valuation - Global Standards 2017
Professional Standards in Poland, 1st edition Polish translation 0. Depending on the purpose for which it is intended, property valuation in Portugal may be subject to diverse local legislation and regulations that create specific rules. This professional statement covers the application of the Red Book in Portugal.
Professional Standards in Portugal, 1st edition 0. Professional standards in Portugal Portuguese translation 0. Saudi Arabia 0.
Singapore 0. Download the national Red Book supplement for Sweden English language only. Professional Standards in Sweden, 1st edition 0. It provides local guidance for valuers who are undertaking valuations in Switzerland under the requirements of the Red Book National Association Valuation Standards, edition French translation 0. National Association Valuation Standards, edition German translation 0.
The sub-headings below refer to the original numbering in the consultation draft, with the new numbering in the post-consultation version following in brackets. In making the detailed changes to UK VPGA 1 set out below, which are — together with those to UK VPGA 8 as to which see later — the most extensive to the consultation draft overall, this general comment has been taken on board and it is hoped that the resulting text is more accessible, despite the unavoidably technical nature of a good part of the subject matter.
Taking this last point first, subject to any proposals from IVSC to develop content within this topic area, consideration will be given to the development of further global guidance on IFRS, possibly by expansion of VPGA 1 in the Red Book Global Edition rather than through a separate guidance note. For the moment therefore, it is felt appropriate for the UK supplement to address UK GAAP, with more limited reference to IFRS, but it is accepted that the former could be brought into sharper relief and some redrafting of the finer detail without alteration to the substance overall has been undertaken with this in mind.
At the same time the content of this introductory material, although substantially unaltered, has been modestly expanded to signal more clearly the general context — inter alia, the reference to SORPs Statements of Recommended Practice has been moved forward to appear here. Further refinements in response to consultation response suggestions are set out below. Thus, some of the original content has been moved to form part of the main text. A final paragraph has been added to the latter clarifying the role of the valuer.
Some reordering and modest refinement of the text has been undertaken, designed to make the material more accessible as explained under the heading UK VPGA 3 below.
RICS Red Book UK supplement issued
We are mindful that there is scope for the material in this VPGA to be further clarified and improved, and are currently in contact with the Financial Conduct Authority to examine ways in which this might be achieved. Valuers engaged in these areas of work are strongly advised to keep in close touch with their clients and to refer as necessary to the FCA-issued requirements and guidance, which are regularly updated. Necessary clarifications have been made to the text of paragraph 3.
Some clarification and simplification has been made to paragraphs 13, 15 and In paragraph 19, the reference to a minimum number of properties in relation to condensed reports has been removed.
At paragraph 21 and in the table that follows some clarifications have been added, partly to reinforce the fact that the reporting requirements go beyond VPS 3 in certain respects. Paragraph 15 now 16 has been left where it is, despite a suggestion to the contrary, as it is essentially about reporting even though any decision to undertake a valuation only of a representative sample of properties occurs earlier in the process.
The quotations from the FCA COLL handbook have been removed, and a link substituted, ensuring that reference is always made to the latest edition, given the frequency of updates. Members will also be aware that FCA is currently undertaking a consultation that may result in a change to some of the detail of the COLL text. A suggestion that they be dropped, because of their limited relevance to members has been noted, but not actioned for this edition.
New opening paragraphs have been added to emphasise that use of the term depreciation in an accounting context differs from its use in a valuation context. This has in turn led to revisions to the ordering of material to improve the overall flow e.
Representations received suggested that shortening of this text would also be possible, and it is recognised that there is potential to do so. But consistent with the policy explained at the beginning of this document, which is not to make extensive changes where material remains inherently sound, the content here carried forward from the previous edition has been retained.
At paragraph 22, some additional wording has been inserted underlining the desirability of being alert at the outset of a valuation assignment, i. No solution was offered by the contributor, and no absolute answer can be given, as it will — subject to any legislative or regulatory requirements — essentially be reflective of current market practice. The responsibilities of RICS members are as set out in the separately published Conflicts of interest professional statement, and any areas of doubt in individual cases are best taken up with the lender at the time of settling the terms of engagement.
It is anticipated that this dialogue will continue, with the outcome in due course being an updated Specification. It is essential meanwhile that the existing Specification can continue to be adopted wherever required, as those commenting sought to underline.
Exceptionally therefore, UK VPGA 11 new numbering has been recast explicitly to allow this and also to recognise that continued adoption of the Specification will be regarded as delivering compliance with this updated UK national supplement. To achieve the degree of continuity required, the content of UK VPGA 11 new numbering has been modestly expanded by bringing forward some established text from the UK edition.
Other selective refinements have been made as described below. In the circumstances, GVSB did not feel that an amendment could be justified, though it would be interested in receiving a fuller articulation of the point and its rationale.Some very constructive comments and suggestions were received, which in the accompanying finalised post consultation version have either been directly incorporated where specific wording was suggested and can be agreed or otherwise reflected where the points made, though non-specific regarding textual changes, are accepted , as explained in greater detail below.
If they inspect what will they inspect and not inspect? New opening paragraphs have been added to emphasise that use of the term depreciation in an accounting context differs from its use in a valuation context. A supporting paragraph has been added to encourage valuers to make this explicit where the context calls for it.
Press release 31 January Valuation notification: All the terms in the above are mandatory when carrying out a Red Book compliant valuation.
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