16Sep 2021 RICS Valuation – Global Standards: Cyprus national supplement Scope 1 This national supplement complements Red Book Global Standards, which incorporates the latest International Valuation Standards, and local statutory requirements in respect of the valuation of real estate property. 2 This document is intended to highlight only the significant differences in terminology and in the content or coverage of valuation standards. The following conventions are adopted throughout: • Terms defined in the Red Book Global Standards Glossary are shown in italics. • References to Red Book Global Standards use the relevant global section identifier only, e.g. PS 1, VPS 1, VPGA 1, etc. Status of this RICS national supplement 3 This national supplement includes mandatory Cypriot professional standards (CPS) and valuation technical and performance standards (CVPS), as well as advisory valuation practice guidance applications (CVPGA). Members must comply with mandatory requirements and are strongly encouraged to follow CVPGAs as a matter of best practice when undertaking valuation assignments subject to Republic of Cyprus jurisdiction. More specifically: • Where recommendations are made for specific professional tasks, these are intended to represent best practice, i.e. recommendations that in the opinion of RICS meet a high standard of professional competence. • Members conforming to the practices recommended in this national supplement should have at least a partial defence against an allegation of negligence. • In the event of a legal dispute, a court or tribunal may require a member to explain why they deviated from best practice recommended in this national supplement. Also, if members have not followed this national supplement and their actions are questioned in an RICS disciplinary case, they will be asked to explain their actions, and this may be considered by the RICS Panel. • In addition to this national supplement, professional statements and guidance notes are relevant to professional competence in that each member should adhere to and have knowledge of relevant RICS standards and guidance within a reasonable time of their coming into effect. 4 This national supplement reflects case law and legislation as at its date of publication. Members are responsible for establishing whether any changes in case law or legislation after the date of publication have an impact on the guidance in this document. You can download the publication here Tags: Useful Info, RICS valuation, Global standards, national supplement
