RICS Red Book Global Standards 2024 a consultation [Electronic resource]
Language: English Series: RICS ConsultationPublication details: London, Royal Institution of Chartered Surveyors, 1 July 2024Description: 181pSubject(s): Online resources: Summary: The 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 We are also considering the following restructuring to be effective from 31 January 2025, with each VPS appropriately cross-referencing 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) . Consultation opened 1 July 2024 closes 2 August 2024.| Item type | Current library | Call number | Status | Date due | Barcode | |
|---|---|---|---|---|---|---|
| Online material | Virtual Online | RICS iConsult (Browse shelf(Opens below)) | Available |
The 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 We are also considering the following restructuring to be effective from 31 January 2025, with each VPS appropriately cross-referencing 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) .
Consultation opened 1 July 2024 closes 2 August 2024.