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The RICS has recently launched a public consultation for the new global edition of the RICS “Red Book” which will reflect a number of changes, bringing it in line with the International Valuation Standards (IVS).
The update for the Red Book will also reflect recent progress in the development of international standards for ethics and for measurement and will be known as ‘RICS Valuation – Global Standards 2017’.
In aligning the new Red Book to IVS 2017, it offers the opportunity to improve the format and update the technical content, such as to ensure it includes the latest guidance on conflicts of interest.
The main changes reflected in the new global edition of the Red Book are as follows:
In terms of technical content, much of the existing text within the 2014 edition of the Red Book is thought to be contained in the new edition. However, there are a few amendments that RICS valuation professionals will want to note:
What changes in its format:
As valuation professional’s, our insight, expertise and practical knowledge is crucial in shaping the new RICS Valuation – Global Standards 2017, with the key aim of striving to continue to deliver credible, transparent and high-quality valuations.
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