Red Book Global Update 2022 - Proposed Changes

Preface 

This updated global edition of the RICS Valuation - Global Standards, or the RICS 'Red Book Global' as it has become widely known, reflects, among other things, the recent changes made and incorporated into the International Valuation Standards (IVS), as well as continuing progress in the development of international standards for ethics and for measurement. Other refinements include: 

  • articulating in more detail the need for clear, unambiguous and documented terms of engagement when members apply any exceptions to VPS 1-5 under PS 1 section 5, Exceptions 
  • more detailed commentary on matters relating to sustainability/resilience and environmental, social and governance (ESG) in VPGA 8, Valuation of real property interests 
  • improving and/or clarifying some of the existing Red Book Global text in light of feedback, experience and evolving needs.