The release of the newest edition of the Uniform Standards of Professional Appraisal Practice (USPAP) is Oct. 1, and The Appraisal Foundation (TAF) President David Bunton gave a sneak peek as to what to expect.
“As you know by now, this new edition of USPAP will not have an end date, only an effective date of Jan. 1, 2024,” Bunton said in the August edition of the TAF newsletter. “The Appraisal Standards Board (ASB) no longer plans to update USPAP on a two-year cycle but instead will focus on guidance for the marketplace. USPAP will now be updated on an as-needed basis.
“Because of this change, we will now publish the USPAP standards in a standalone book or digital version,” Bunton added. “The guidance, which includes the Frequently Asked Questions, Advisory Opinions, and the Reference Manual, will be in their own separate publication.”
The TAF president also noted this will give the ASB the flexibility to update the guidance, which happens on a more frequent basis, without leading to the publication of a new book of standards.
But if you love the online linked versions of the USPAP standards and guidance, Bunton added, TAF still has you covered because the linked, electronic version of these documents will be available in its online store.
TAF asked appraisers to stay tuned for even more announcements on this topic as the Oct. 1 release date gets closer.