ABSTRACT
Valuers have been required to provide valuations for financial statements for many years. These purposes include values to be incorporated in the financial statements that are required by law to be produced by an entity; values of a company’s property assets to be incorporated in a prospectus when the company is going public or in respect of takeovers or mergers; and values of property unit trusts and the like. These and other valuation purposes, including valuations for loan security, are covered by the RICS Valuation – Professional Standards (VS) and in the UK by the UK Valuation Standards (UKVS). These are mandatory for members of the RICS and the Institute of Revenues Rating and Valuation. This chapter is based on the 2012 Red Book; a 2013 edition is planned and may affect parts of this chapter.
