RICS Valuation – Global Standards
Published 2 December 2024
Effective from 31 January 2025
The new edition reflects:
• Alignment with development in other relevant global standards and regulations such as the new International Valuation Standards published 31 January 2024 and effective 31 January 2025
• Inclusion of new content on modelling and methods
• Adaptation to practice and process changes from evolving areas such as technology and Environmental Social and Governance (ESG).
The accompanying Basis for conclusions explains the rationale behind updates in the latest version and highlights significant changes to ensure you can quickly identify what you must do differently to remain compliant. It is purely to assist the reader and does not form part of the standards.
The following restructuring from the 2022 edition will also be effective from 31 January 2025, with each VPS appropriately cross-referencing IVS:
• VPS 1: remains as VPS 1 (Terms of engagement)
• VPS 2: is now VPS 4 (Inspections, investigations and records)
• VPS 3: is now VPS 6 (Valuation reports)
• VPS 4: is now VPS 2 (Bases of value, assumptions and special assumptions)
• VPS 5: is now split into VPS 3 (Valuation approaches and methods) and VPS 5 (Valuation models)