Last month the Appraisal Standards Board (ASB) issued the discussion draftCommunication and Reporting in the Uniform Standards of Professional Appraisal Practice (USPAP), requesting comments by Nov.14, 2011.
As Rick Warner, editor of the BVC’s weekly e-letter to members, points out in the latest issue, one of the questions that the discussion draft addresses is the general issue of “draft reports” and what changes, if any, need to be made to USPAP regarding the practice of providing draft reports to clients, particularly in litigation settings. “This is a topic where ‘words’ really are important,” Warner says, “so I encourage you to review this ASB discussion draft and consider how your business valuation practice might be affected by some of the changes being considered to USPAP.”
Chris Mercer (Mercer Capital) and the Standards Subcommittee of the ASA BV Committee are also aware of the discussion draft and are crafting a response on behalf of their constituencies, Warner notes. “However, you may want to consider reviewing this ASB document and responding on your own.”