The Royal Institution of Chartered Surveyors (RICS) has, over a period of more than 25 years, provided guidance and mandatory advice to valuers providing valuations in the UK in the form of a series of appraisal and valuation manuals. In May 2003, the latest edition of these manuals was published: The RICS Valuation and Appraisal Standards. One of the principal aims of the new (fifth) edition was to reflect the increasing international status of the RICS. As a result the new “standards” will clarify the distinction between standards, which are of relevance to members worldwide, and those that are specific to practice in the UK. Effectively, the new book is implementing the RICS policy of adopting and supporting international valuation standards.
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