This exposure draft includes:
- Revisions to Reporting and Communication Requirements
- Reporting Options
- Retirement of STANDARDS 4 and 5
- Other revisions and additions as needed to ensure clarity and relevance
I did quickly look over the major changes, and one of the more important changes is the combing the three report levels, self contained, summary and restricted use into one format, but the level of detail in the report would be determined by the intended use. There would be a minimum USPAP level of detail, and then based upon the intended use and scope of work, the appraiser can expand the level of detail to be contained within the report.
Written comments are required by October 5, 2012.
I would recommend all appraisers download a copy of the 2nd exposure draft and become familiar with the direction this document is headed.
To review the 2nd exposure draft, click HERE.