 |
HONG KONG, May 24, 2012 /PRNewswire-Asia/ -- The Royal Institution of Chartered Surveyors (RICS) has published the latest edition of RICS Valuation - Professional Standards 2012 or the "Red Book".
This latest edition has a number of changes to the existing standards to incorporate fully the new International Valuation Standards (IVS) and is effective from 30 March 2012.
The new standards are mandatory for all RICS members who provide "Red Book" valuation services. The Red Book lists rules, best practice guidelines and related commentary for all RICS members undertaking asset valuations and is a useful reference for valuation users and stakeholders.
Marianne Tissier, Executive Director, International Valuation Standards Council (IVSC), commenting on the launch of the Red Book, said:
"The International Valuation Standards contain globally accepted concepts and principles for the delivery of valuations on which investors rely. The IVSC is a standard setter and has no regulatory role. Enforcement of the standards is for those bodies who adopt the standards - either statutory authorities or professional bodies who regulate their members. We very much welcome RICS' incorporation of the IVS into the latest edition of the Red Book that is backed by a comprehensive scheme of regulation to ensure effective implementation and delivery."
David Faulkner, Chairman, Valuation Professional Group, RICS HK said:
"The latest edition of the Red Book is a major step forward for Asia in that it fully incorporates the new IVS, which were released by the IVSC last year, and provides a means of implementing and enforcing the IVS amongst members practicing in the region. This should maintain a high and consistent standard of valuations for users in the Asian region and further enhance the benefits of using valuations prepared by RICS members."
RICS Valuation Professional Standards 2012 can be ordered from www.ricsbooks.com/redbook.
About RICS & RICS Asia
RICS is the world's leading qualification when it comes to professional standards in land, property and construction. In a world where more and more people, governments, banks and commercial organisations demand greater certainty of professional standards and ethics, attaining RICS status is the recognised mark of property professionalism.
Over 100 000 property professionals working in the major established and emerging economies of the world have already recognised the importance of securing RICS status by becoming members.
RICS is an independent professional body that since 1868, has been committed to setting and upholding the highest standards of excellence and integrity -- providing impartial, authoritative advice on key issues affecting businesses and society. RICS is a regulator of both its individual members and firms enabling it to maintain the highest standards and providing the basis for unparalleled client confidence in the sector.
The RICS Asia supports a network of over 11 000 individual professionals across the Asia Pacific region with an objective to help develop the property and construction markets in these countries, by introducing professional standards, best practice and international experience. It promotes RICS and its members as the natural advisors on all property matters. It also ensures that services and career development opportunities are provided to members.
The RICS Asia region covers national associations and local groups locating in Brunei, Malaysia, Singapore, Thailand, The People's Republic of China and the SAR Hong Kong. It also has members working across the region such as Bangladesh, Bhutan, Burma/Myanmar, Cambodia, Indonesia, Japan, Kiribati, Laos PDR, Macao, Mongolia, Nepal, North Korea, South Korea, Taiwan, The Maldives, The Philippines, Timor East and Vietnam. For more information, please visit: www.ricsasia.org.
Media enquiry, please contact:
RICS Asia Public Relations Representative
Mr Andy Hung / Mr Timothy Wong
T: +852-2372-0090
F: +852-2372-0490
M: +852-9254-9250 / +852-6485-3225
E: andy@creativegp.com / timothy@creativegp.com
