RICS launches latest edition of the Red Book

A new edition of the RICS Valuation Standards has been launched today. The seventh edition of the Red Book includes updates to enhance its clarity and ease of use, and is available for the first time in Global, UK and India volumes. Effective from 2 May, the edition adopts the term “valuation standards” rather than “practice statements” in respect of the key requirements, which continue to be mandatory for members. However, there is no change to the principles specified in the previous edition. The standards have been revised to make a clearer distinction between those that are mandatory – for example, compliance and ethical requirements – and those that are primarily advisory and relate to the valuation process. Guidance notes have also been reordered and a new note on the depreciated replacement cost method of valuation for financial reporting has been included. David Rusholme, RICS director of valuation, commented: ‘’The Red Book is the global leader in delivering what the markets and clients require, namely definitive standards and practical guidance within a framework of ethical conduct and regulation. “This latest edition is designed to be clearer and easier for property professionals to use and is for the first time available in global, UK and India volumes. RICS valuation standards are a valuable resource for all those involved in property and who strive to achieve the highest level of professionalism and consumer service.”