Washington, DC -- The Appraisal Standards Board (ASB) of The Appraisal Foundation wishes to inform all parties that the 2005 edition of the Uniform Standards of Professional Appraisal Practice (USPAP) will remain effective until at least June 30, 2006. 

This is a change from the practice of recent years of one-year effective dates that began January 1 and ended December 31.  As discussed at its 2005 public meetings and indicated in its 2005 Exposure Drafts, the ASB believes the revised schedule has significant benefits.

There are a significant number of proposed edits to USPAP, primarily related to the Scope of Work project.  The ASB will take final action on the proposed edits at its public meeting on October 28, 2005.  If the edits are adopted, the ASB recognizes that the marketplace will need time to adjust to the changes.  Therefore, the Board anticipates the following: 

• The 2006 USPAP, 2006 National USPAP Courses and related publications will be released in the first quarter of 2006; and,
• The effective date of the 2006 USPAP is expected to begin July 1, 2006 and extend through December 31, 2007. 

“This publication schedule will allow for a greater transition period for appraisers, clients, education providers and appraisal regulators, especially given the Scope of Work changes to USPAP,” said Carla Glass, ASB Chair. 

Additionally, the ASB plans that this expansion of the effective dates of USPAP will be a transition to

two-year effective dates for future USPAP editions.

An official announcement regarding the decisions made at the October 28^th public meeting, including the effective dates, will be made following that meeting.

For more details on USPAP and the work of the Appraisal Standards Board please visit www.appraisalfoundation.org.

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