The Appraisal Foundation released the 2012-13 edition of the Uniform Standards of Professional Appraisal Practice (USPAP) this morning—including new eReader (specifically: the Amazon Kindle, Apple iPad, Barnes & Noble Nook and Sony Reader) formats. All formats are $60—but you’ll be much cooler if you bring up Section 9 on your iPad.
USPAP and the AICPA’s SSVS-1 are the generally accepted standards of practice for the appraisal profession in the United States.
The 2012-13 edition of USPAP will be valid through December 31, 2013. As with prior years, the new edition includes the standards of professional practice as well as guidance from the Appraisal Standards Board (ASB) in the form of USPAP Advisory Opinions and USPAP Frequently Asked Questions (FAQs).
TAF reminds all business appraisers of changes to the current USPAP (many of them are more critical to the real property folks)—in print or eReader form:
- Revisions to DEFINITIONS of “Client,” “Extraordinary Assumptions,” and “Hypothetical Condition,” as well as a new definition of “Exposure Time”;
- Creation of a new RECORD KEEPING RULE and related edits to the Conduct Section of the ETHICS RULE;
- Revisions to Advisory Opinion 21, USPAP Compliance; and,
- Revisions to STANDARDS 7 & 8: PERSONAL PROPERTY APPRAISAL, DEVELOPMENT & REPORTING.