On July 1, 2017, the latest edition of the Red Book came into effect. Issued by the Royal Institution of Chartered Surveyors (RICS), the Red Book contains rules that RICS members undertaking most types of valuation in most parts of the world must follow. The Red Book has been updated to incorporate changes to the International Valuation Standards (IVS), which also went into effect July 1, 2017.
Since the Red Book runs 272 pages, most will struggle to find the time to spot the changes that may affect the way they undertake and report their valuations. Chris Thorne, a former chair of the RICS Red Book Editorial Board and former IVSC technical director, has produced a single page guide to the most significant changes.
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