The November 10 deadline for written comments to the Appraisal Standards Board (ASB) on proposed edits relating to the upcoming 2010-2011 edition of the Uniform Standards of Professional Appraisal Practice (USPAP) has passed. The ASB will issue a Second Exposure Draft that incorporates changes and responds to issues raised in public comments to the First Exposure Draft this month, according to a memorandum issued by ASB chair, Sandra Guilfoil. Under consideration are proposed edits relating to: Definition of Signature; Definition of Jurisdictional Exception and the JURISDICTIONAL EXCEPTION RULE; The ETHICS RULE; The COMPETENCY RULE; and STANDARD 3, Appraisal Review, Development and Reporting.
In the interim, however, appraisers can still gain insights on current USPAP implementation and application from the 2008-2009 USPAP + Guidance. But how do these standards complement or possibly conflict with the professional business valuation standards that are promulgated by the American Institute of Certified Public Accountants; the American Society of Appraisers; the Institute of Business Appraisers; the National Association of Certified Valuation Analysts; and Internal Revenue Service, which released its “IRM 4.48, Engineering Program, Business Valuation Guidelines” in July 2006?
To assist BV experts in navigating the various standards and updates, we enlisted the help of BV experts David Anderson, ASA and Donald Wisehart, CPA/ABV, ASA, MST. The result: A one-of-a-kind table detailing “Permitted Engagements and Reports” and a “Comparative Chart of BV Report Writing Standards,” which identifies the written report type that each promulgating organization permits and details the reporting disclosures and requirements of each. Best of all, you can access a Free Download of Wisehart and Anderson’s findings, which appear with the author’s expanded commentary in the December 2008 Business Valuation Update™.
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