Extension of 2020-2021 USPAP
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Tuesday, August 16, 2022 in News
The Appraisal Foundation’s Appraisal Standards Board announced August 11, 2022, that it was extending the current USPAP another year through the end of 2023. The next published edition will be effective January 1, 2024. The full statement and FAQ on the decision is here.
As a reminder, your appraisal reports are written to the current published edition of USPAP, which is the 2020-2021 edition. Thus, when including the USPAP certification statement from Standards Rule 8-3 in compliance with the ISA Appraisal Report Writing Standard, the wording should read as:
"my analyses, opinions, and conclusions were developed and this report has been prepared in conformity with the 2020-2021 edition (effective January 1, 2020 through December 31, 2023) of the Uniform Standard of Professional Appraisal Practice."
The addition of the effective dates makes it crystal clear to the reader that you are indeed writing to the correct standard currently in effect.
Attending a 7-Hour USPAP Update Course for Personal Property every two years remains an Appraiser Qualifications Board and ISA requirement. This policy has not changed. Although a new published edition of USPAP will not be available until 2024, the purpose of attending the 7-hour USPAP Update Course every two years is to deepen your knowledge and understanding of USPAP as a qualified appraiser.
For those members who last attended a 7-Hour USPAP Update Course in 2020, you will need to take the 2022-2023 7-Hour Update Course by the end of this year in order to comply with ISA membership requirements. For those members who last attended USPAP in 2021, you will need to take the 2022-2023 7-Hour Update Course by the end of 2023. Remember that the Update Course is no longer tied to a USPAP manual update. The 2022-2023 7-Hour USPAP Update Course uses case studies and classroom discussions to address common appraisal practice issues and how to use USPAP in your daily practice.
Should you have any questions regarding the announcement by the The Appraisal Foundation and the ISA policy regarding the 7 hour / 2 year requirement, please contact Judith Martin ISA CAPP, ISA Director of Education, at directorofeducation@ISA-appraisers.org. Should you have any questions regarding your personal USPAP standing please contact michelle.vanalstyne@wearemci.com.
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