This professional standard provides practical advice, guidance, consistency and clarity to RICS members in the UK on the interpretation and application of Existing Use Value (EUV) valuations of owner-occupied operational properties in public sector valuations when used for financial reporting purposes. EUV is the prescribed valuation basis as defined in UK VPGA 6 of the RICS Valuation – Global Standards: UK national supplement.
The content is intended to assist members by explaining and reaffirming the principles of EUV when used in the public sector financial reporting context and to enable a more consistent approach.
While the geographic scope of this standard is the UK, many of the principles are globally applicable and may support RICS members outside the UK.
Please note: The cross references in this standard relate to the updated Red Book UK national supplement.
Published date: 24 July 2023
