RICS Valuation - Professional Standards 2012 (the "Red Book") is issued by the RICS Valuation Professional Group part of its ongoing commitment to promote and support high standards in valuation delivery worldwide. 

The 2012 edition became effective for all RICS professional valuers from Friday 30 March. This means members valuing assets such as business, commercial, residential and other property, as well as intangible assets, land, plant and machinery will need to adhere to the new edition on valuations from Friday to maintain regulatory compliance.

The official name of The Red Book has slightly changed, as it now includes International Valuation Standards (IVS) and is more comprehensive than previous editions. Members can now get both standards as one and pay an extra £20 for IVS as opposed to paying £40 to buy them separately.

RICS Valuation – Professional Standards 2012 is available online at www.rics.org/redbook, with hardcopies available to buy www.ricsbooks.com/redbookProfessional and Ethical Standards

Having consulted extensively with members globally and using the knowledge of experts in the field of ethics, RICS Regulation launched new global ethical standards on 28 March 2012, to ensure they remain relevant in today’s marketplace. Regulation will then communicate them to the general membership. We are developing a communication plan with Regulation for APC candidates and other stakeholders. Any APC assessments between 28 March and 1 June should continue to use the ‘old’ standards so that candidates are not penalised.