🚨🚨🚨 RICS Valuation – Global Standards (Red Book) New Edition, effective from TODAY. 💡 First published in 1976, the Red Book Global Standards are updated regularly to reflect market changes and developments. It is recognised globally as one of the most rigorous sets of standards for valuation and, as such, serves as a key reference for global users and stakeholders. RICS have updated the Red Book Global Standards as part of their commitment to support high standards in valuation delivery worldwide and future-proof practices in the public interest, with the direction of updates informed by extensive feedback from stakeholders. The changes reflect: 📕 Alignment with developments in other relevant global standards and regulations such as the new International Valuation Standards (IVS), published 31 January 2024 and effective 31 January 2025 📕 The addition of new content relating to modelling and methods 📕 Adaptation to practice and process changes from evolving areas such as technology and Environmental Social and Governance (ESG). Be assured, Capital Value Surveyors Limited have considered the updates to remain as compliant as ever. With us, you are in safe hands. 🌐 www.capitalvalue.co.uk ☎️ 020 3011 3114 📧 admin@capitalvalue.co.uk
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Big changes are coming to the RICS Red Book! 📚 Staying on top of these updates—especially the new focus on ESG and valuation modelling standards—is going to be really important as we head into 2025.
The RICS Red Book is evolving to align with the new International Valuation Standards (IVS) from January 2024. These changes, effective January 2025, include a revised structure, an increased focus on ESG data, new valuation modelling standards, and more. Here are some highlights: 🏗️ VPSs are being restructured, with new standards on valuation approaches and models. 🌳 Greater integration of ESG factors, with mandatory consideration of sustainability at every level. 🏦 Updated guidance to support international financial reporting and a focus on conflicts of interest in secured lending. This is your chance to get ahead of the curve and understand how these changes impact your work! Stay on top of the latest developments – read our blog post to learn more about the key changes and how Valos can support you. #RICS #ValuationStandards #RedBook #ESG #ValuationProfessionals
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Link below to the latest RICS Valuation Global Standards, effective from 31 January 2025.
Senior Specialist Valuation and Investment Advisory - RICS Professional Practice and Development
It's been a long road but I'm very pleased to announce the publication of the updated RICS Red Book Global Standards effective from 31 January 2025. 🛤️ The journey started with a survey in November 2023, followed by the development of expert groups and a public consultation in summer 2024. 📕 The standards contain new and revised content covering technology, ESG, valuation models and a range of specialist guidance. They incorporate the updated International Valuation Standards (IVS) and relevant parts of International Financial Reporting Standards (IFRS). 💡 The VPSs have been restructured - so worth checking any existing templates used. The update would not have been possible without the hundreds of people who volunteered their time and expertise - thank you all. Happy to respond to queries below and also note the launch webinar on 11 December at 10am UK time: https://lnkd.in/ecuEAuzC https://lnkd.in/ebbRENwb
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The RICS Red Book is evolving to align with the new International Valuation Standards (IVS) from January 2024. These changes, effective January 2025, include a revised structure, an increased focus on ESG data, new valuation modelling standards, and more. Here are some highlights: 🏗️ VPSs are being restructured, with new standards on valuation approaches and models. 🌳 Greater integration of ESG factors, with mandatory consideration of sustainability at every level. 🏦 Updated guidance to support international financial reporting and a focus on conflicts of interest in secured lending. This is your chance to get ahead of the curve and understand how these changes impact your work! Stay on top of the latest developments – read our blog post to learn more about the key changes and how Valos can support you. #RICS #ValuationStandards #RedBook #ESG #ValuationProfessionals
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Senior Specialist Valuation and Investment Advisory - RICS Professional Practice and Development
Very pleased to announce the launch of the 📕 RICS Red Book Global Standards 2024 consultation. Thank you to the hundreds of volunteer RICS members and stakeholders who have got us to this stage and my colleagues Ben Elder, Jonathan Fothergill FRICS ACI Arb, Nigel Sellars, Charlie Jackson, Alexander Barton, Helvi Cranfield, Sarah Alvi, Jo FitzLeverton and many others. There are numerous changes from the previous update, reflecting: 📖 Newly structured International Valuation Standards (IVS) 📑 Other global standards updates (e.g. IFRS) 📘 The implementation of the Valuation Review 📗 Changes in ESG requirements and technology If you are an RICS member or firm the new 📕 Red Book Global is likely to impact your valuation process and practices (including things such as terms of engagement and report templates, record keeping and data management). But don't be put off, we are going for a leaner, clearer 📕 Red Book Global with this update. I strongly encourage you to read the proposals and, where possible, respond to the consultation. We are on a tight timeline to align with the IVS effective date of 31 January 2025, so the consultation is open until ❗ Friday 2 August 2024 ❗. 💡 The consultation page linked below includes a red and black line version of the proposals and a summary. 💡 We're holding a webinar on 16 July 2024 (10-11 BST), where myself and colleagues will summarise the proposed updates and take questions: https://lnkd.in/ex2fmgec. Don't hesitate to ask any questions in the comments below or by DM. https://lnkd.in/eWwhCg2i
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What are the current drivers affecting ESG and property valuations? The following document from RICS gives a real life summary and description relating to each of the critical ESG items! #JLL #ESG #Valuation #GREENDD #ESGDD #EPCIMPROVEMENT #CRREM
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📢 Attention Valuers: New edition of RICS Valuation - Global Standards (‘Red Book’) published RICS has released the updated RICS Valuation - Global Standards (‘Red Book’), effective from 31 January 2025. 🔑 Key Changes in the New Edition • Alignment with Global Standards: Updates to reflect the latest International Valuation Standards (IVS), effective the same date. • Enhanced Content: New guidance on modelling and methods, along with updates to financial reporting (including a rewrite of VPGA 1). • Focus on ESG and Technology: Adaptations to address evolving practices in Environmental, Social, and Governance (ESG) and technological advancements. • Valuer/Auditor Relationships: A new section to guide collaboration and compliance. 🚀 Next Steps • Access the updated standards on the RICS Red Book webpage https://lnkd.in/dZbMzqHt • Take advantage of free webinars https://lnkd.in/d59qr3ab • and compliance workshops https://lnkd.in/dcydQBqt to prepare for the changes before they take effect. This update aims to position valuers as leaders in delivering sustainable, responsible, and globally trusted valuations. #RICS #RedBook #ValuationStandards #IVS #ESG #ProfessionalDevelopment
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Founder & Chair - International Humanitarian Disaster Relief (IHDR); Championing Global Crisis Response | Chief Valuer RICS Regulation for UK&I
Senior Specialist Valuation and Investment Advisory - RICS Professional Practice and Development
Very pleased to announce the launch of the 📕 RICS Red Book Global Standards 2024 consultation. Thank you to the hundreds of volunteer RICS members and stakeholders who have got us to this stage and my colleagues Ben Elder, Jonathan Fothergill FRICS ACI Arb, Nigel Sellars, Charlie Jackson, Alexander Barton, Helvi Cranfield, Sarah Alvi, Jo FitzLeverton and many others. There are numerous changes from the previous update, reflecting: 📖 Newly structured International Valuation Standards (IVS) 📑 Other global standards updates (e.g. IFRS) 📘 The implementation of the Valuation Review 📗 Changes in ESG requirements and technology If you are an RICS member or firm the new 📕 Red Book Global is likely to impact your valuation process and practices (including things such as terms of engagement and report templates, record keeping and data management). But don't be put off, we are going for a leaner, clearer 📕 Red Book Global with this update. I strongly encourage you to read the proposals and, where possible, respond to the consultation. We are on a tight timeline to align with the IVS effective date of 31 January 2025, so the consultation is open until ❗ Friday 2 August 2024 ❗. 💡 The consultation page linked below includes a red and black line version of the proposals and a summary. 💡 We're holding a webinar on 16 July 2024 (10-11 BST), where myself and colleagues will summarise the proposed updates and take questions: https://lnkd.in/ex2fmgec. Don't hesitate to ask any questions in the comments below or by DM. https://lnkd.in/eWwhCg2i
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To LVPA Members, if you work with, prepare, review, or rely on #valuations, your input is crucial. Help shape the future of the International Valuation Standards (IVS): 💡 International Valuation Standards Council (IVSC) launches 90-Day Agenda Consultation open for 90 days, concluding on 9 October 2024. The IVSC is inviting stakeholders to participate in its #AgendaConsultation. This consultation seeks your valuable feedback on the future focus areas for the IVS. The main three topics of the Agenda Consulation are: 1. 🌿 Environmental, Social, and Governance (ESG) 2. 💻 Technology in Valuation 3. ⚖️ Valuation Risk Additionally, the Consultation covers 19 other important areas including: • Digital Assets • Private vs. Public Markets • Trophy Assets • Quality Control • Agricultural Assets • Transfer Pricing • Capital Structure Considerations Download the Consultation document and have your Say!
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Last week, the International Valuation Standards Council (IVSC) made a significant impact at the 74th FIABCI, The International Real Estate Federation Congress in Singapore! Nicolas Konialidis, CFA, CVA, ASA-BV moderated a crucial discussion on global valuation standards and ESG factors. We, International Institute of Business Valuers, are very proud to see such active engagement from the members. Check IVSC website, and stay tuned for more updates! 🚀 #IVSC #valuation #realestate #ESG #globalstandards --- Feel free to tweak it as needed!
Last week, the International Valuation Standards Council (IVSC) participated in the 74th FIABCI, The International Real Estate Federation World Real Estate Congress held in Singapore. Following a presentation by Reiner Lux (Managing Director of IVSC Member Organisation HypZert GmbH), member of the IVSC Advisory Forum Working Group, on 'Future of Real Estate Valuation: Impact of ESG', IVSC Asia Director and Technical Director of the Business and Intangible Assets Board, Nicolas Konialidis, CFA, CVA, ASA-BV, took the stage and moderated an insightful discussion. Themed 'Understanding Global Valuation Standards', the discussion featured Reiner Lux, Sumi Ku (Director of Wilshire ABC Realty Group), and Alexander Aronsohn FRICS, IVSC Director of Technical Standards, who participated virtually from the UK. The discussions covered issues such as ESG factors impacting valuation, market insights from South Korea, and the latest updates to the International Valuation Standards (IVS) published in January 2024, which will come into effect by January 2025. The IVSC continues to work with stakeholders and member organisations around the world, advocating for consistency and professionalism within the valuation community. Stay tuned for our upcoming agenda consultation to incorporate the views and recommendations from practitioners, valuation professional organisations, academics, corporations, and regulators, among others. (Photo credit: Teo li kim, @VGP SISV) @Dr Lim Lan Yuan (FIABCI President, Singapore), Budiarsa Sastrawinata (FIABCI World President)
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Really important for all those who “value” Red Book valuations. Valuology always give sensible advice.
Do you provide or rely on valuations? If so you should be interested in changes proposed by RICS to its valuation standards, the "Red Book." Comments must be in by 2 August. No time to look through 180 pages to find changes? We are going through the consultation draft and posting the main changes, and whether we think they are good or bad, on our website. Have a look. Whether you agree or disagree with us, we also include links so that you can tell RICS what YOU think.
