The Appraisal Standards Board (ASB) has officially adopted modifications to the 2014-2015 edition of the Uniform Standards of Professional Appraisal Practice (USPAP), which were decided upon after a fifteen month period that saw multiple discussion drafts, requests for comments, and three exposure drafts. The ASB carefully read and considered each written comment that was submitted, and based its final revisions off of the issues that were brought forward.
Listed below are the official modifications that the ASB plans to implement into the 2014-2015 edition of the USPAP:
- Retirement of Standards 4 and 5
- Revisions to the definitions of “Assignment Results” and “Scope of Work”
- Revisions to the Preamble
- Revisions to the Conduct section of the Ethics Rule
- Revisions to the Competency Rule
- Revisions to Reporting Requirements, including the type and number of Report Options
- Revisions to Standards Rule 3-5
- Revisions to Advisory Opinion 11
- Revisions to the Content of the Appraisal Report Options of Standard Rules 2-2, 8-2, and Advisory Opinion 12
- Revisions to the Use of the Appraisal Report Options of Standard Rules 2-2 and 8-2
The following changes above will become effective on January 1, 2014.
The ASB is also considering revisions to Advisory Opinion 21, and if these revisions are officially adopted, they will also appear in the 2014-2015 edition of the USPAP.