RICS has opened a consultation period in respect of a draft update to the RICS Valuation - Global Standards, otherwise known as the Red Book.
The update, which should be produced in 2022, is intended to reflect the need for clear, unambiguous and documented terms of engagement, more detailed commentary in matters relating to sustainability / reliance and environmental social governance, development of international standards for ethics and measurement, and recent changes made and incorporated into the International Valuation Standards (IVS).
The Red Book is the professional standard that valuations should be conducted to, detailing best practice, to provide the highest levels of assurance to promote public trust in valuation professionalism and quality.
Paul Aylott, Partner, Head of Valuation and Business Space Lease Advisory, comments: “While most reputable firms will already be diligent in these areas, the improved guidance and best practice around reporting sustainability and possible implications on value is a positive reinforcement of what we and other market leaders in this sector are already doing. We welcome this latest consultation from RICS, which will provide clarity on certain areas and support firms with the delivery of high quality valuation advice that meets client requirements.”
For a copy of the draft update, visit here.