Appraisal Foundation News

The Appraisal Foundation has recently send out news on what proposed changes from the Appraisal Standards Board (ASB) are in store for USPAP 2018-2019 edition. Also, the AF recently sent out a notice on the collaboration between the International Valuation Standards Council and the AF/USPAP.

The Appraisal Foudnation reports
ASB Meeting Summary

On June 17, 2016, the Appraisal Standards Board (ASB) held its second public meeting of the year.  The Board discussed the First Exposure Draft of proposed changes for the 2018-19 edition of the Uniform Standards of Professional Appraisal Practice, which included proposed revisions in the following areas of USPAP:

Definition of Report
Definition of Assignment
Extraordinary Assumptions
STANDARD 3 – Dividing into STANDARD 3, Appraisal Review, Development and STANDARD 4, Appraisal Review, Reporting
STANDARD 6 – Dividing into STANDARD 5, Mass Appraisal, Development and STANDARD 6, Mass Appraisal, Reporting
Standards Rules 7-2(c), SR 7-5, and 8-2(v)
Standards Rule 8-3
Advisory Opinion 37, Computer Assisted Valuation Tools  
Source:The Appraisal Foundation

The Appraisal Foundation and the International Valuation Standards Council (IVSC) have recently been working together to "harmonize" differences between standards. It is an interesting document to read. Click HERE to read A Bridge from USPAP to IVS.

. The International Valuation Standards Council and The Appraisal Foundation Release
Standards Bridge Document
A Bridge from USPAP to IVS is Now Available
London, UK and Washington DC, US – June 29, 2016 – The International Valuation Standards Council (IVSC), the global standard setter for valuation practice and the valuation profession, and The Appraisal Foundation (Foundation), the United States’ foremost authority on the valuation profession, announced today the release of the anticipated harmonization of standards, A Bridge from USPAP to IVS.

The two organizations have been working together to harmonize any differences between the IVSC’s International Valuation Standards (IVS) and the Foundation’s Uniform Standards of Professional Appraisal Practice (USPAP) over the past year.

The Foundation and the IVSC believe this effort will serve the entire global economy. Since most U.S. appraisers are required to comply with USPAP, ultimately they need to understand what additional steps must be taken to meet IVS.  This guide has been produced to assist appraisers familiar with USPAP to produce a valuation that is also compliant with the IVS.  While the document describes additional steps necessary to ensure that compliance, a full review of both sets standards is always encouraged.  Both organizations note that this joint effort unveiled more commonalities than differences in the two sets of standards.

Sir David Tweedie, Chair of the IVSC, said, “The release of this bridging document marks an important step towards our objective of establishing globally accepted valuation standards. Valuations underpin economies by providing investors and businesses with the information they need to make informed decisions. With so many different methods and approaches for valuation across the world it is difficult for many international businesses to understand the true value of assets, so our work to harmonize valuation standards is crucial to aiding business and the smooth functioning of markets worldwide.  We look forward to working further with The Appraisal Foundation and achieving our common goals.”

“While there are varying regulatory environments, business practices and cultures among the world’s economies, we believe that core valuation standards should transcend these differences,” stated David Bunton, President of The Appraisal Foundation.  “The members of our respective Standards Boards have dedicated a great deal of time and effort to this harmonization project and their efforts on behalf of the global valuation profession should be recognized,” he added.  

The document will be amended to be consistent with updates to the Standards as they occur.

The full text of A Bridge from USPAP to IVS can be obtained here or by visiting the IVSC's website or The Appraisal Foundation's website.  

Press Contact for IVSC:
Rolf Merchant / Jeremy Durrant, Instinctif Partners
Telephone: +44 (0)20 7457 2020 / +44 (0)7753 940 880 / +44 (0)7792 918 488
Email: Rolf.Merchant@instinctif.com  / Jeremy.Durrant@instinctif.com

Press Contact for The Appraisal Foundation:
Paula Douglas Seidel
Telephone:  (202) 624-3048
Email:  paula@appraisalfoundation.org

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