The 5th exposure draft clarifies the term "exposure time" and also includes proposed changes to Standards 7 & 8. These are the standards for personal property development and reporting. The changes should be of interest to all personal property appraisers.
The main changes for USPAP standards include
- Proposed Revisions to DEFINITIONS of “Client,” “Extraordinary Assumption,” “Hypothetical Condition,” and “Exposure Time”
- Proposed Required Labeling of Hypothetical Conditions
- Proposed Revisions Relating to Development and Disclosure of Exposure Time Opinion
- Proposed Revisions to Standards Rules 2-3, 3-6, 6-9, 8-3 and 10-3
- Proposed Retirement of STANDARDS 4 and 5
- Proposed RECORD KEEPING RULE and Related Edits to the Conduct Section of the ETHICS RULE
- Proposed Revisions to Advisory Opinion 21, USPAP Compliance
- Proposed Revisions to STANDARDS 7 and 8: PERSONAL PROPERTY APPRAISAL, DEVELOPMENT and REPORTING
To review the full 2012-2013 USPAP exposure draft, click HERE.
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