Note this was reissued with the same ISBN and edition number in April 2026 in light of HM Treasury's thematic review of non-investment asset valuation has confirmed minor but material changes affecting Depreciated Replacement Cost (DRC) valuations used for UK public sector financial reporting. Alternative site assumptions are now prohibited: valuers must not assume relocation to lower-value sites or land outside the required service-delivery zone. Land and buildings must be valued as a single integrated DRC asset, and land costed on a Modern Equivalent Asset (MEA) basis must remain within the required geography.

Focuses on the depreciated replacement cost method of valuation for financial reporting. Highlights the reporting requirements outlined in RICS Valuation Global Standards 2017 UK national supplement (RB UK) that are particularly relevant when the DRC method has been used. Defines term depreciation in DRC valuations context.

Guidance Note previously published as part of RICS Valuation Standards UK.