The International Valuation Standards Council (IVSC) and The Appraisal Foundation (TAF) are working to harmonize any remaining differences between the IVSC's International Valuation Standards (IVSs) and TAF's Uniform Standards of Professional Appraisal Practice (USPAP).
‘Bridge document’: The two groups recently met to establish joint objectives and a long-term plan to collaborate and execute upon a memorandum of understanding (MoU) signed in October 2014. This will be accomplished, in part, through a document that will act to bridge 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.
"The MoU has reinvigorated our long-term relationship between the IVSC and TAF,” says Sir David Tweedie, chairman of the IVSC board of trustees. “We are now determined to capitalize on the wealth of expertise we have at our disposal in our common goal of establishing a globally accepted set of valuation standards. Bringing USPAP and the IVSs together is an extremely important step towards achieving this goal."
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