The Appraisal Standards Board (ASB) has issued the following document:
Issued on November 30, 2012
Written comments requested by January 25, 2013
Third Exposure Draft of Proposed Changes for the 2014-15 edition of the Uniform Standards of Professional Appraisal Practice (USPAP)
This exposure draft includes:
Revisions to Reporting and Communication Requirements
Retirement of STANDARDS 4 and 5
Other revisions and additions as needed to ensure clarity and relevance
Summary of proposed changes:
– Proposed Retirement of STANDARDS 4 and 5 (including revisions and additional Illustrations proposed for Advisory Opinion 21)
– Proposed Revisions to the DEFINITIONS of “Assignment Results,” “Report,” and “Scope of Work”
– Proposed Revisions to the RECORD KEEPING RULE- Report Options (includes proposal for options in STANDARDS 2, 8, and 10)
– Proposed Revisions to Advisory Opinion 11, Content of the Appraisal Report Options of Standards Rules 2-2 and 8-2 and Advisory Opinion 12, Use of the Appraisal Report Options of Standards Rules 2-2 and 8-2
– Proposed Revisions to the COMPETENCY RULE
– Proposed Revisions to the PREAMBLE – When Do USPAP Rules and Standards Apply?
– Proposed Revisions to Standards Rule 3-5
– Certification Requirement Related to Current or Prospective Interest and Prior Services
The Board currently intends to adopt any revisions for the 2014-15 edition of USPAP at its public meeting in San Francisco on February 1, 2013.
Any such revisions would become effective on January 1, 2014, and any updates related to USPAP course material should be available by late summer 2013.
Send Comments to ASBComments@appraisalfoundation.org
If there are any issues in this USPAP draft, be sure to speak out by 1/25/13!! This may be your Last Chance!! Members of the ASB read all comments.