Comments are due February 2 on the Fourth Exposure Draft of proposed changes for the 2016-17 edition of the Uniform Standards of Professional Appraisal Practice (USPAP). USPAP is issued by the Appraisal Standards Board (ASB) of the Appraisal Foundation.
Key issue: Of special interest to valuation experts, particularly those involved in litigation, are the standards related to reports and recordkeeping. In an earlier exposure draft, the ASB proposed changes that would require that all draft reports be kept regardless of whether they were later superseded. This proposal was later eased somewhat to apply only to final reports. Now, in the current exposure draft, the ASB proposes no changes to the existing recordkeeping rules concerning reports.
You can also give your comments verbally at the upcoming public meeting of the Appraisal Standards Board. It will be held on February 6 in New Orleans. For details on this meeting, click here.