The International Valuation Standards Council (IVSC) and The Appraisal Foundation (TAF) have harmonized any remaining differences between the IVSC's International Valuation Standards (IVSs) and TAF's Uniform Standards of Professional Appraisal Practice (USPAP). This is an important step toward establishing globally accepted valuation standards.
A bridge not too far: Last year, the two groups met to establish joint objectives and a long-term plan to collaborate and execute upon a memorandum of understanding (MoU) signed in October 2014. The result: A Bridge From USPAP to IVS, a newly released document that connects the two sets of standards. Appraisers using this "bridge document" will be able to develop appraisals that are compliant with both the IVSs and USPAP, keeping the core principles intact.
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