The Appraisal Foundation and the Appraisal Standards Board recently released the third exposure draft for the 2016-2017 edition of USPAP. the changes do not look overwhelming with changes to the definition of Report, some edits to improve clarity and to maintain the public trust.
I attend the upcoming TAFAC meetings here in DC on Thursday and Friday and hope to report some good progress on new personal property qualifications shortly.
To read the full exposure draft, follow the source link below the block quote.
The third exposure draft background information from the ASB is
Source: The Appraisal FoundationThe ASB’s plan for the 2016-17 edition of USPAP includes reviewing and revising as needed the following areas of USPAP:
The ASB believes it is fulfilling its work plan and addressing the needs of appraisers and users of appraisal services by proposing the revisions contained in this Third Exposure Draft of proposed changes for the 2016-17 edition of USPAP.
- Definition of Report
- Edits to eliminate confusion regarding report drafts
- Revisions to STANDARD 3 to enhance consistency with other Standards and to clarify the dates identified and reported
- Edits to eliminate confusion regarding confidentiality
- Other edits to improve clarity and enforceability of USPAP
Of paramount importance to the Board when considering any potential revisions to USPAP is the issue of public trust in the appraisal profession. This umbrella of public trust, therefore, remains the primary consideration of the ASB in putting forth the concepts contained in this document.
Each member of the Board will review each and every comment submitted in response to this exposure draft. Based on the feedback received, the Board may issue a Fourth Exposure Draft sometime after its public meeting in October meeting in Washington, DC. If that occurs, the Board will again solicit comments leading up to its first public meeting of 2015 which will be held in New Orleans on February 6, 2015. At that meeting in February, the ASB plans to adopt any changes to be made for the 2016-17 edition of USPAP. Any such revisions to USPAP would become effective on January 1, 2016, and revised USPAP course material should be available by fall 2015.