The Appraisal Standards Board held its third public meeting of the year on October 12, 2012. The discussions were based upon the proposed changes to USPAP for the next edition, 2014-2015. Beyond some definition updates and competency rule changes, perhaps the most interesting change which effects personal property appraisers is a proposal for only a single report option.
The ASB reports
The Appraisal Standards Board (ASB) held its third public meeting of the year in Washington, D.C. on October 12, 2012. The ASB also met in additional work sessions in conjunction with the public meeting. The Board accepted oral comments on its Second Exposure Draft of
Proposed Changes for the 2014-15 edition of USPAP at the public meeting. The Second Exposure Draft included proposals to revise the following portions of USPAP:
- Proposed Retirement of STANDARDS 4 and 5
- Proposed Revisions to the DEFINITION of “Assignment Results”
- Proposed Revisions to the DEFINITION of “Report”
- Proposed Revisions to the RECORD KEEPING RULE
- Proposed Revisions to Scope of Work Acceptability section of the SCOPE OF WORK RULE
- Proposed Revisions to the DEFINITION of “Scope of Work” and the SCOPE OF WORK RULE
- Report Options (includes proposal for a single “Appraisal Report” option in STANDARDS 2, 8, and 10)
- Proposed Addition of Advisory Opinion 33, Level of Detail in an Appraisal Report
- Proposed Revisions to the COMPETENCY RULE
- Proposed Revisions to the PREAMBLE - When Do USPAP Rules and Standards Apply?
- Proposed Revisions to Standards Rule 3-5
During the associated work sessions, the ASB reviewed the written comments received in response to the Second Exposure Draft. Based on the written and oral comments received, the ASB will begin developing a Third Exposure Draft, which it anticipates to publish no later than December 2012.
The Board’s next public meeting will be in San Francisco, California, on February 1, 2013. The ASB expects to adopt revisions for the 2014-15 edition of USPAP at this meeting
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