RICS are consulting on updates to the RICS Red Book Global Standards.
More details on the consultation and how to respond can be found by clicking the RICS logo below:
The proposed changes to the existing Red Book Global Standards will reflect:
- Implementation of Valuation Review recommendations
- Alignment with development in other relevant global standards and regulations such as the new International Valuation Standards (IVS) published January 2024, IFRS and Basel 3.1
- Adaption to practices and processes for emerging trends like ESG and technological advancements
RICS are also considering the following restructuring to be effective from 31 January 2025, with each VPS appropriately cross-referencing International Valuation Standards (IVS):
- VPS 1: will remain as VPS 1 (Terms of engagement)
- VPS 2: will become VPS 4 (Inspections, investigations and records)
- VPS 3: will become VPS 6 (Valuation reports)
- VPS 4: will become VPS 2 (Bases of value, assumptions and special assumptions)
- VPS 5: will be split into VPS 3 (Valuation approaches and methods) and VPS 5 (valuation models) .
RICS would like feedback by 2 August 2024 on the technical updates, the new ESG content (mandatory and guidance), and any other thoughts on the proposed content to ensure it is robust, practical and accurate.
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