(Washington, DC) April 5, 2019— The Appraisal Standards Board, an independent board of The Appraisal Foundation, adopted unanimously the 2020-21 edition of the Uniform Standards of Professional Appraisal Practice (USPAP) at its public meeting today in Kansas City, Missouri.
“The 2020-21 USPAP includes changes that afford appraisers greater flexibility in appraisal reporting,” said 2019 Appraisal Standards Board Chair Wayne Miller. “The intent is to ensure that minimum reporting requirements continue to protect public trust in the appraisal profession, while allowing appraisers to practice in a evolving marketplace.”
The Appraisal Foundation will host a webinar with ASB Chair Wayne Miller and The Appraisal Foundation Vice President John Brenan to answer questions about the 2020-21 USPAP. In addition to the webinar, a summary detailing the changes will also be released. The Foundation will announce shortly when the webinar will be held and the summary will be released.
“The core of the appraisal profession is about protecting the public trust,” said The Appraisal Foundation President David Bunton. “Standards should allow appraisers to perform professional valuation services. The 2020-21 USPAP strikes a balance that protects the public trust without placing unnecessary burdens on the appraiser.”
USPAP will now move into production, and will be released in the Fall of 2019. The 2020-21 USPAP becomes effective on January 1, 2020, and remains in effect until December 31, 2021. The Appraisal Foundation encourages appraisers to acquire the 2020-21 edition before it becomes effective to ensure that all appraisal services are compliant during this transition period.
How Will This Affect Personal Property Appraisers?
National Appraisal Consultants, an international leader in business development programs and education for personal property appraisers, is holding a series of webinars to help fellow appraisers understand how these changes will impact their businesses. The Third Thursday Appraiser Webinar Series provides insight on this important changes.