The 'RICS Red Book' (RICS Appraisal and Valuation Standards) 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. Changes to the standards are approved by the RICS Valuation Faculty Board, and the Red Book is updated accordingly on a regular basis.

The standards are divided into two main parts. The first contains rules and guidance applying to RICS members anywhere in the world and is consistent with the principle rules of International Valuation Standards.

The second contains material which relates specifically to particular countries. Currently this part only covers the UK and the Republic of Ireland, however as time progresses standards relating to other national markets will be added.

The Red Book also has a related suite of Valuation Information Papers which discuss valuation methodology as it relates to specific property types.

The Red Book is available in Chinese, Dutch, English, French, German, Hungarian, Italian,  Portuguese, Russian and Spanish.

For further information or to order, go to www.rics.org/redbook

Check the RICS bulletin on "Valuation Uncertainty and Market Instability"".