USPAP 2010-2011 Will Be Available October 1, 2009
by AccountingWeb on
The Appraisal Foundation announced recently that the Appraisal Standards Board (ASB) adopted revisions for the 2010-2011 edition of the Uniform Standards of Professional Appraisal Practice (USPAP). The 2010-2011 edition of USPAP will be valid for two years, effective January 1, 2010 through December 31, 2011. The new edition of USPAP is scheduled to be available by October 1, 2009. The ASB wants appraisers and users of appraisal services to begin familiarizing themselves with the changes to the document as soon as possible and has issued a Summary of Actions document , which explains the changes that are being made and the rationale for those changes. Most of the revisions that will become effective on January 1, 2010 involved improving the clarity, understandability and enforceablility of the ETHICS RULE, the COMPETENCY RULE and STANDARD 3: Appraisal Review, Development and Reporting. A press release from the Appraisal Foundation mentions two significant changes: A requirement was added to the Conduct section of the Ethics Rule, stating that, prior to accepting an assignment (and if discovered at any time during the assignment), an appraiser must disclose to the client and in the report certification any services regarding the subject property performed by the appraiser within the prior three years, as an appraiser or in any other capacity. The appraiser’s obligation to allow a client access to his or her workfile when providing a Restricted Use Appraisal Report was removed.