RICS Valuation Standards (The Red Book) contains mandatory rules, best practice guidance and related commentary for all RICS members undertaking asset valuations. It was first published in 1980, and has been updated many times since then.
The current edition (edition 6) was published in November 2007, and is effective from 1st January 2008. Changes to the standards are approved by the RICS Valuation Faculty Board, and the Red Book is updated accordingly on a regular basis.The Red Book also has a related suite of Valuation Information Papers which discuss valuation methodology as it relates to specific property types.
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