RICS draft guidance note - Valuation of Intellectual Property Rights, Guidance Note, 2nd ed

RICS draft guidance note - Valuation of IP Rights, 2nd edition

Valuation of intellectual property rights

RICS guidance note, global

2nd edition

  • RICS guidance notes

Definition and scope

RICS guidance notes set out good practice for RICS members and for firms that are regulated by RICS. An RICS guidance note is a professional or personal standard for the purposes of RICS Rules of Conduct.

Guidance notes constitute areas of professional, behavioural competence and/or good practice. RICS recognises that there may be exceptional circumstances in which it is appropriate for a member to depart from these provisions - in such situations RICS may require the member to justify their decisions and actions.

Application of these provisions in legal or disciplinary proceedings

In regulatory or disciplinary proceedings, RICS will take account of relevant guidance notes in deciding whether a member acted professionally, appropriately and with reasonable competence. It is also likely that during any legal proceedings a judge, adjudicator or equivalent will take RICS guidance notes into account.

RICS recognises that there may be legislative requirements or regional, national or international standards that take precedence over an RICS guidance note.

  • Document status defined

The following table shows the categories of RICS professional content and their definitions.

    • Publications status

Type of document

Definition

RICS Rules of Conduct for Members and RICS Rules of Conduct for Firms

These Rules set out the standards of professional conduct and practice expected of members and firms registered for regulation by RICS.

International standard

High-level standard developed in collaboration with other relevant bodies.

RICS professional statement (PS)

Mandatory requirements for RICS members and RICS regulated firms.

RICS guidance note (GN)

A document that provides users with recommendations or an approach for accepted good practice as followed by competent and conscientious practitioners.

RICS code of practice (CoP)

A document developed in collaboration with other professional bodies and stakeholders that will have the status of a professional statement or guidance note.

RICS jurisdiction guide (JG)

This provides relevant local market information associated with an RICS international standard or RICS professional statement. This will include local legislation, associations and professional bodies as well as any other useful information that will help a user understand the local requirements connected with the standard or statement. This is not guidance or best practice material, but rather information to support adoption and implementation of the standard or statement locally.

 

  • Acknowledgments

Author

Tim Heberden FRICS (Deloitte)

Working group

Nova Chan FRICS (PwC)

Rene Hlousek MRICS (Beacon Valuation Group LLC)

Soo Earn Keoy (Deloitte)

Daniel Ryan FRICS (BRG)

Paul Simpson FRICS (HMRC)

Steven van Wijk MRICS (DVC-International)

RICS professional group lead

Steve Choi

RICS publishing

Standards publishing manager: Antonella Adamus

Project manager: Laura Glover

Editor: Mary McGowan