The ASA, AICPA, and RICS have issued two exposure drafts for public comment that relate to the ongoing initiative to improve the quality of financial reporting valuations for U.S. publicly traded companies. The initiative will significantly impact appraisers who prepare financial reporting valuations, and it includes the development of a new credential for valuation professionals. The credentialing process will be subject to ongoing quality oversight and compliance with a “mandatory performance framework,” which is the subject of the new exposure drafts.

Comments due June 24: The two exposure drafts issued are: Proposed Mandatory Performance Framework for the Fair Value Quality Initiative and Proposed Application of the Mandatory Performance Framework for the Fair Value Quality Initiative. Written comments should be sent either to the AICPA, ASA, or RICS and will be available for public inspection at the offices of the respective organization for one year beginning July 11, 2016.