Members of the American Society of Appraisers (ASA) “are not happy with” some of the current proposed revisions to the Uniform Standards of Professional Appraisal Practice (USPAP), reports Linda Trugman, chair of the ASA BV Committee, in a recent e-update to members. Among other changes set forth in the exposure draft for the 2014-2015 USPAP, the most controversial are those to the definitions of “assignment results” in Section 2a and “report” in Section 2b.
In particular, a letter signed by Trugman on behalf of the ASA BV Committee expressed its concern that that elevating draft reports to the status of “assignment results” would counter the prevailing trend in litigation matters to preclude discovery of an appraiser’s draft materials. Moreover, the proposed broader definition of “report” would include “any communication of an opinion of value … at any time” (emphasis added in the letter). Instead, “we believe the definition of a ‘Report’ should be linked to the completion of an assignment.” To read the ASA’s letter to the Appraisal Standards Board (ASB), click here.
What else can concerned BV professionals do? That the proposed USPAP revisions have got this far may be related to the lack of adequate BV representation on ASB, says Trugman. Inertia may also be a culprit. “Complaining is easy,” she says, “but getting involved takes time and commitment.” Although the deadline for commenting on the USPAP exposure draft has passed, one vacancy still remains on the ASB, “which needs to be filled by someone in the BV discipline,” Trugman says. Applications will be accepted through Aug. 1, 2012; for more information, click here.