IVS vs Red Book: what is the difference?

The International Valuation Standards (IVS) are the global valuation standards set by the International Valuation Standards Council (IVSC). The RICS Red Book (RICS Valuation – Global Standards) adopts and applies IVS and adds RICS’s own mandatory requirements and guidance for RICS members and regulated firms, so a Red Book valuation is built on IVS. This guide is by José Covas FRICS, Chair of the RICS Standards Committee and a member of the IVSC Standards Review Board, and draws only on RICS and IVSC public documents.

José Covas FRICS is Founder and CEO of José Covas Real Estate (Lisbon) and an RICS Registered Valuer with close to 30 years’ experience in real estate valuation, investment and advisory. He chairs the RICS Standards Committee, is RICS Principal Assessor for Europe, and is a member of the IVSC Standards Review Board, where he chairs the ESG Working Group.

New to the standards? Start with What are the International Valuation Standards (IVS)? and What is a Red Book valuation?.

At a glance

Key facts

• IVS is mandatory where compliance is claimed. “IVS consist of mandatory requirements that must be followed in order to state that a valuation was performed in compliance with IVS”. To be compliant, a valuation must meet the General Standards, the Appendices and any applicable Asset Standards. IVS effective 31 Jan 2025, §40
• The Red Book builds on IVS. “This edition adopts and applies the International Valuation Standards (IVS) published by the International Valuation Standards Council (IVSC)” and “supplements them with additional requirements and best practice guidance”. RICS Red Book Global Standards (PDF), Introduction
• IVS is reproduced in full inside the Red Book. RICS confirms that “section 6 includes a copy of IVS in full”. RICS, Red Book Global
• The 2025 Red Book was restructured to map to IVS. The VPSs were reordered to align with IVS, and a new VPS 5 covers valuation models. RICS, Red Book Global
• Same effective date. Both the current IVS and the current Red Book Global Standards apply from 31 January 2025. The Red Book applies “to all valuations where the valuation date is on or after that day”. RICS Red Book Global Standards (PDF) · RICS, International Valuation Standards
• Local law comes first. Under IVS, where legal or regulatory requirements conflict with IVS, they “should be prioritised, explained, documented, and reported in order to remain compliant with IVS”. RICS also publishes national supplements, for example the UK National Supplement. IVS, §40.04

What it means for a buyer of a valuation

• If a lender, auditor or regulator asks for an IVS-compliant valuation, note that the Red Book “adopts and applies” IVS and reproduces IVS in full.
• If they ask for a Red Book valuation, they need the extra RICS layer as well: an RICS member or regulated firm, the PS/VPS requirements, and RICS regulatory oversight.
• Always check the terms of engagement, where the valuer states which standards apply.

Versão portuguesa: IVS vs Red Book: qual é a diferença?

@misc{covas2026ivsredbook,
  author       = {Covas, Jos{\'e}},
  title        = {{IVS} vs {Red Book}: what is the difference?},
  howpublished = {josecovas.com},
  year         = {2026},
  month        = nov,
  url          = {https://josecovas.com/guides/ivs-vs-red-book/},
  note         = {Personal views; not an official RICS or IVSC interpretation}
}

About the author

Sources

1. RICS — RICS Valuation – Global Standards (Dec 2024, effective 31 Jan 2025), PDF: https://www.rics.org/content/dam/ricsglobal/documents/standards/Red-Book-Global-Standards-incorporating-IVS.pdf
2. RICS — Red Book Global (what changed in 2025, FAQ): https://www.rics.org/profession-standards/rics-standards-and-guidance/sector-standards/valuation-standards/red-book/red-book-global
3. RICS — International Valuation Standards (RICS page): https://www.rics.org/profession-standards/rics-standards-and-guidance/sector-standards/valuation-standards/red-book/international-valuation-standards
4. RICS — Red Book hub (incl. UK National Supplement): https://www.rics.org/profession-standards/rics-standards-and-guidance/sector-standards/valuation-standards/red-book
5. RICS — Valuer Registration: https://www.rics.org/regulation/regulatory-schemes/valuer-registration
6. IVSC — International Valuation Standards, effective 31 Jan 2025 (PDF copy hosted on PwC Viewpoint): https://viewpoint.pwc.com/dt/gx/en/ivsc/international_valuat/assets/IVS_effective_31_January_2025.pdf