Proposed Changes Adopted for USPAP 2012/2013

The Appraisal Foundation recently sent out a foundation News report on changes which have been adopted by the Appraisal Standards Board for the 2012/2013 edition of USPAP.

The adopted changes are based on comments from previous exposure drafts, and it is my opinon the final version is close at hand.

The report states

The changes to USPAP that were adopted by the ASB were the result of five exposure drafts, which were issued on January 5, 2010, May 27, 2010, September 29, 2010, December 10, 2010, and February 11, 2011. The following changes were adopted by the Board on April 8, 2011, and will be incorporated in the 2012-13 edition of USPAP and associated guidance material with an effective date of January 1, 2012:

• Revisions to DEFINITIONS of “Client,” “Extraordinary Assumption,” “Hypothetical Condition,” and a new definition, “Exposure Time”

• Revisions Relating to Development and Disclosure of Exposure Time Opinion

• Revisions to Standards Rules 2-3, 3-6, 5-3, 6-9, 8-3 and 10-3

• Creation of a new RECORD KEEPING RULE and Related Edits to the Conduct Section of the ETHICS RULE

• Revisions to Advisory Opinion 21, USPAP Compliance

• Revisions to STANDARDS 7 and 8: PERSONAL PROPERTY APPRAISAL, DEVELOPMENT and REPORTING

Click HERE to download the official document.

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