In an interview, David Bunton, president and CEO of The Appraisal Foundation (TAF), was asked about the relationship between USPAP and the International Valuation Standards (IVS) and how TAF is equipping U.S. appraisers with the information they need to apply IVS.

“In addition to other activities with the IVSC, both organizations have collaborated on A Bridge From USPAP to IVS 2018 (Bridge),” Bunton says. “The Bridge document was developed to assist appraisers familiar with USPAP in producing a valuation that is also compliant with IVS. The Bridge describes additional steps necessary to ensure compliance with both standards.

“While we note that this joint effort unveiled more commonalities than differences in the two sets of standards, there are a few areas where there are noted differences. For instance, IVS has more extensive requirements for the initiation of the assignment by communicating with the client via a Scope of Work. In addition, appraisers developing a report to satisfy both USPAP and IVS must use the IVS terminology relative to Assumptions and Special Assumptions because while USPAP does not require use of the terms, IVS does. Regardless, the Foundation encourages appraisers to study the Bridge document carefully and note these differences.”

The full interview is available here.