Last week The Appraisal Foundation (TAF) announced the following appointments to the Appraiser Qualifications Board (AQB), with terms commencing January 1, 2008: Chad Campbell of Seattle, WA (two years); Jeffrey LaGrew of Versailles, KY (one year); Wayne Miller of Tampa, FL (three years). Current AQB members Gary Taylor and Scott Seely will serve as 2008 Chair and Vice Chair, respectively. The following appointees to the Appraisal Standards Board (ASB) will also start January 1, 2008: Richard Borges of Seymour, IN (three years); Sandra Guilfoil of Olympia, WA (two years) and Richard Knitter of Oak Brook, Ill. (two years). Guilfoil will serve as 2008 Chair and Paula Konikoff as the 2008 Vice Chair. None of the new appointees appears to have a specific expertise in business valuation.
TAF also just released the latest edition of Uniform Standards of Professional Appraisal Practice (USPAP), effective for 2008 and 2009, the first to be published in a 24-month cycle. The new edition also merges standards and ASB guidance in one document, including USPAP Advisory Opinions and USPAP Frequently Asked Questions (FAQs), the latter featuring a compilation of more than 200 questions and answers. The cost for the 2008 USPAP is $50.00, and is available here.
Best practices for valuation for financial reporting. Earlier this year, TAF also formed working groups to begin drafting a series of best practices related to valuation for financial reporting. The first group has nearly finished Best Practices for Intangible Assets: Calculation of Contributory Asset Charges and Economic Rents, and will release a discussion draft in early 2008 for public comment, followed by an exposure. In early 2008, a second group will begin working on a draft of best practices as they relate to valuing client relationships.
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