USPAP Extended for One Year
Today, the Appraisal Standards Board of the Appraisal Foundation made a surprising announcement. The current edition of the Uniform Standards of Professional Appraisal Practice will be extended by one year, meaning that the 2020-2021 USPAP will be effective until December 31, 2022.
Following is ASB Chair Wayne Miller’s statement:
“USPAP has been a living document since its adoption in 1987. Initially, changes were being adopted so frequently, they were simply being added as inserts into a large binder. As time has progressed the updating cycle lengthened to one year and now two years. Like every profession, COVID-19 has had an unprecedented impact on the appraisal profession and how we conduct day to day business. Pressing issues have arisen in our profession over the past year ranging widely from concerns about fair housing matters to how to conduct a socially distanced property inspection. USPAP is a maturing document, and it can take longer to study the complex issues facing our profession and how they will impact our standards. We believe all of these are all critical issues and deserve thoughtful consideration before we issue guidance.
With that in mind, we have decided to extend the effective date of the current USPAP by one year. This will provide continuity to the profession during this pandemic while also giving the ASB the appropriate time to carefully examine the challenges facing our profession before offering additional guidance.”
The Appraisal Foundation has not yet made a decision on how long future publications will remain in effect. USPAP may return to two-year cycles or choose another timeline, depending upon future needs.
We will continue to keep you up to date with news regarding USPAP as it becomes available.