The formal objective of the Valuation Faculty (taken from the IRRV's Articles of Association)

To promote the study of all aspects of valuation of land and interests in land, and to provide support to members of the Association in their professional activities, whether in the United Kingdom or abroad, including, without limitation, the following subject areas:

• Local and national taxation, including law and practice;
• Assessment of compensation for the acquisition of land and buildings or injurious affection thereto in connection with the exercise of compulsory powers;
• Investigating the use of electronic procedures in all valuation areas;
• Fostering constructive relations with other professional bodies concerned with valuation in the United Kingdom and overseas;
• Advice, through the Law and Research Committee, on appropriate schemes for the advancement of the professional education of valuers under the auspices of the Institute;
• Valuation of property assets; and
• Valuations and methodology for public sector and other statutory purposes.