Another Draft to a USPAP Draft!
Well, don’t toss your reading bifocals in the wastebasket just yet. Apparently, there were so many negative issues with the THIRD exposure draft to the 2020-21 version of USPAP, that the ASB jettisoned it, and will move forward with a FOURTH draft.
Everyone should be on their toes, ready to peruse this stellar document when it is released not long from now!
Can’t we, please, establish a set of reliable and understandable procedures, and leave them in place for 5 years minimum? Please!
Here’s the announcement issued on February 8, 2019, after the ASB meeting in Scottsdale, AZ:
(From the Appraisal Foundation)
After careful consideration of public comments, the Appraisal Standards Board, an independent board of The Appraisal Foundation, unanimously agreed to move forward with a fourth exposure draft for the 2020-21 edition of the Uniform Standards of Professional Appraisal Practice at its public comment meeting today in Scottsdale, Arizona. The ASB will issue the fourth exposure draft within the next few weeks. At that time, the ASB will announce the date and place for its next public meeting, where final adoption of changes for the 2020-21 USPAP is expected.
“Throughout this process, the Appraisal Standards Board has been committed to the widest public exposure of the 2020-21 USPAP edition,” said 2019 ASB Chair Wayne Miller. “After hearing the comments today, especially about the single reporting standard issue, the ASB decided it was critical to issue a fourth exposure draft.”
“The ASB clearly heard the concerns,” said Vice President, Appraisal Issues for The Appraisal Foundation John Brenan. “This demonstrates that the open, transparent, and inclusive process worked.”
The public exposure of proposed changes for the 2020-21 edition of USPAP has been extensive with comments coming from the three exposure drafts, discussion at The Appraisal Foundation Advisory Council, Industry Advisory Council, appraisal discipline resource panels, and multiple webinars.