In December, representatives of the Royal Institution of Chartered Surveyors met with representatives from the American Institute of Certified Public Accountants (AICPA) and the American Society of Appraisers (ASA) in Washington, D.C. The purpose was to move forward with collaboration efforts in developing the new shared professional credential for fair value reporting (see the November 18 issue of BVWire for continuing coverage).

RICS reports: “At this meeting, the three valuation professional organizations (VPOs) discussed the current state of each of three major work streams (performance requirements, qualifications, and quality control) and the necessary steps required to meet the standards of the new credential,” according to a RICS statement. “The performance framework is expected to be ready in early 2016 for public consultation. In addition, the VPOs plan is to finalize a common assessment, as well as qualifications requirements, to attain this credential and establish a quality control process to regulate members.”

The new credential will be rolled out in two phases: The credential related to business and intangibles will roll out first and will appear later this year, and the new credential for financial instruments will launch later in the year.