USPAP review process appears to be working

BVWireIssue #121-3
October 17, 2012

The Appraisal Standards Board (ASB) received 25 written comments to its Second Exposure Draft of the 2014-2015 version of USPAP, according to J. Carl Schultz Jr., chair of the ASB, who opened last Friday’s public hearing on the proposed changes—or what one attendee called “a meeting of USPAP geeks.” (Another one suggested bringing the USPAP draft home with a bottle of wine as a way to “have a romantic evening with your partner.”)

As we reported last week, the ASA’s BV Committee was among those who submitted formal comments—in particular, its concern regarding when “other aspects” of an assignment could be construed as part of the final conclusion of value. Although the proposed new language ostensibly provides that a report is only final when it’s signed, a spokesperson for the Appraisal Institute asked the board to continue to review its proposed definition. For example, should “any interim communications prior to the signature be marked as such: ‘interim,’ or ‘not yet finished,’ or ‘draft,’ or whatever?” the AI rep asked. “These communications are snippets; they aren’t the real report and should not be treated as such.” At the same time, she congratulated the ASB, saying that “the draft review process is working, and we’re getting closer to something that will help the profession.” For a full “live” report from the ASB meeting, check out the BVWire News.

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