On Monday, June 8, The Appraisal Foundation (TAF) announced that its Appraisal Standards Board (ASB) adopted revisions for the 2010-2011 edition of the Uniform Standards of Professional Appraisal Practice (USPAP) at its public meeting in New Orleans. The 2010-2011 USPAP will be valid for two years, effective January 1, 2010 through December 31, 2011.
As with the current USPAP, the new edition will include guidance from the ASB in both USPAP Advisory Opinions and the USPAP Frequently Asked Questions (FAQs). The new USPAP should be available by October 1, 2009. Most of the revisions that will become effective on January 1, 2010 involved improving the clarity, understandability, and enforceability of the Ethics Rule, the Competency Rule, and Standard 3: Appraisal Review, Development and Reporting. The ASB has issued a Summary of Actions document, which explains the changes and their rationale.
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