Summary of 2016-17 USPAP changes

BVWireIssue #149-4
February 25, 2015

The Appraisal Standards Board (ASB) has adopted modifications to the Uniform Standards of Professional Appraisal Practice (USPAP), which will be incorporated into the 2016-17 edition of USPAP. The ASB has issued a 2015 Summary of Actions Related to Proposed USPAP Changes.

Of particular interest are the standards related to reports and recordkeeping. In an earlier exposure draft, the ASB proposed changes that would require that all draft reports be kept regardless of whether they were later superseded. This proposal was later eased somewhat to apply only to final reports. In the last exposure draft, the ASB proposed no changes to the existing recordkeeping rules concerning reports.

Please let us know if you have any comments about this article or enhancements you would like to see.