RICS Draft Update to the Global Red Book

Red Book Global Update 2022 - Proposed Changes

Part 1: Introduction

3 With its focus on practical implementation, this updated edition of the RICS Valuation - Global Standards, commonly referred to as the RICS Red Book Global, applies the latest international standards and supplements them with additional requirements and best practice guidance that, when combined, provide the highest levels of assurance to promote and maintain public trust in valuation professionalism and quality.  

At its heart this volume adopts and applies the International Valuation Standards (IVS) published by the International Valuation Standards Council (IVSC). The IVS consist of mandatory requirements that must be followed in order to state that a valuation was performed in compliance with it. Some aspects of the standards do not direct or mandate any particular course of action, but provide fundamental principles and concepts that mustbe considered in undertaking a valuation