USPAP comments focus on enforcement, ethics, education

BVWireIssue #67-5
April 30, 2008

The Appraisal Standards Board and the Appraisal Qualifications Board have received “hundreds of written comments” to their Invitation to Comment on USPAP and USPAP education, in addition to oral comments at a public meeting in March.  (See BVWire #64-1 and #65-2)  “We have been very pleased with the number and quality of the responses,” the Boards say, in a new update.  Overall, the comments from the diverse constituencies—including business appraisers—fall into two categories: those related to USPAP (under ASB’s jurisdiction); and those related to USPAP qualifications and education (under the AQB).  In light of the feedback, the Boards are considering numerous areas of concern, including improving the understandability of USPAP and its enforcement. 

Respondents applauded recent changes to the Departure Rule and Scope of Work Rule, and noted that perhaps now would be a good time to clarify the Reporting Concept and its requirements.  Respondents also noted improvements to the Standards 9 and 10 (Business Appraisal, Development and Reporting), “and future revisions should be based on appropriate representation from the discipline.”  Representatives from BV (as well as personal property appraisers) requested more practical examples illustrating and applying to their respective practices.  The ASB and AQB are still soliciting feedback at by May 30, 2008.

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