2014-2015 USPAP 개정사항

 

 

The Appraisal Standards Board (ASB) modifications to USPAP become effective January 1, 2014.  These modifications include:

 

(감정평가 기준 위원회의 USPAP 변경사항은 2014년 1월 1일부로 유효하며,

 

변경사항은 아래와 같다)

 

 

 

 

-Revisions to the DEFINTIONS of “Assignments Results” and “Scope of Work”-

("과제물 결과" 와 "작업범위" 정의의 개정)

 

 

Based on numerous comments received, there was a need to clarify the definition of ‘Assignment Results.’  In an appraisal assignment, assignment results currently include more than just the appraiser’s opinion of value, as the appraiser is responsible not only for the opinion of value, but for the other opinions formed as part of an appraisal or appraisal review assignment.  The change to the definition was made to clarify this point.  The change to the definition of Scope of Work makes it consistent with the application of the SCOPE OF WORK RULE .

 

 

 

-Revisions to the PREAMBLE- When Do USPAP Rules and Standards Apply-

(서문 개정 - USPAP  준칙과 기준이 적용되는 시가)

 

A section was added to clearly state when the Rules and Standards apply.

(USPAP 준칙과 기준이 적용되는 상태를 명확히 하였다)

 

 

-Certification Requirement Related to Current or Prospective Interest and Prior Services-

 

The ETHICS RULE was edited to clarify that in assignments in which there is no appraisal or appraisal review report, only the initial disclosure to the client is required-a certification is required only for appraisal and appraisal review assignments.

 

 

 

-Revisions to the COMPETENCY RULE-

(적격성 준칙의 개정)

 

The COMPETENCY RULE has always required that an appraiser be competent to perform the assignment, or acquire the necessary competency to perform the assignment, or withdraw from the assignment.  However, the COMPETENCY RULE previously did not expressly require the appraiser to act competently in the given assignment.  The change to the COMPETENCY RULE now clearly state that the appraiser must perform competently when completing the assignment.

 

 

 

-Report Options in STANDARDS 2, 8, and 10-

(기준 2,8, 10에서 보고 옵션)

 

USPAP previously had three written report options for real property and personal property appraisal assignments: 1) Self-Contained Appraisal Report, 2) Summary Appraisal Report, and 3) Restricted Use Appraisal Report.  USPAP now has two written report options: 1) Appraisal Report and 2) Restricted Appraisal Report, for real property and personal property appraisal assignments; this is similar to STANDARD 10 Business Appraisal Reporting.  In STANDARDS 2, 8, and 10,t he “restricted use” report option name was changed to Restricted Appraisal Report.

 

 

An appraisal Report must summarize the appraiser’s analysis and rationale for the conclusions.  A Restricted Appraisal Report might not include sufficient information for the client (no other intended users are allowed) to understand either the appraiser’s analyses or rationale for the appraiser’s conclusions. Additional edits were made to minimum report requirements.  In Standards Rule 2-2(a)(i), clarifying changes were made regarding intended users.

 

 

 

The order of the requirements in subsections (iii) and (iv) within Standards Rule 2-2(a) were rearranged.  In Standards Rule 2-2(a)(vi), the date of report was defined.  In Standards Rule 2-2(a)(vii) and 2-2(b)(vii) the statement, “The signing appraiser must also state the name(s) of those providing the significant real estate assistance” was edited. 

 

 

 

The new statement eliminates the signing appraiser, and states “The name(s) of those providing the significant real property appraisal assistance must be state in certification.” In Standards Rule 2-2(a)(viii), “agreements of sale” was added.  In Standards Rule 2-2(a)(ix) and 2-2(b)(ix), the statement was divided with the last part of the statement becoming Standards Rule 2-2(a)(x) and 2-2(b)(x).  The remaining items under these Standards Rules were renumbered.  Similar changes were made to Standards 8-2 and 10-2.

 

 

 

Lastly, to be consistent with items identified in the development requirements of Standards Rule 1-2(e)(i), an edit was made to Standards Rule 2-2(a)(iii) to include the summarization of legal characteristics relevant to the assignment.  This edit is not viewed by the ASB as a new requirement; rather, it clarifies legal characteristics of the property that are relevant to the type and definition of value and intended use of the appraisal must be communicated.

 

 

 

-Revisions to Standards Rule 3-5- (기준세칙 3-5 개정)

 

STANDARD 3 now requires a date of the appraisal review report which makes STANDARD 3 consistent with the other Standards which require the date of the report.

 

 

 

-Retirement of STANDARDS 4 and 5-  (기준세칙 4, 기준세칙 5 삭제)

 

 

Standards 4 and 5 addressed real property appraisal consulting development and reporting.  STANDARDS 4 and 5 have been retired due to confusion and misuse of these Standards.  Revisions and additional illustrations were made to Advisory Opinion 21 to demonstrate how an appraiser can complete assignments that include services other than appraisal or appraisal review.  The use of the term “appraisal consulting” has been eliminated in USPAP.

 

 

 

-Revisions to Advisory Opinion 11, Content of the Appraisal Report Options of Standards Rules 2-2 and 8-2 and Advisory Opinion 12, Use of the Appraisal Report Options of Standards Rules 2-2 and 8-2-

 

 

Due to the changes in the reporting format options; Advisory Opinions 11 and 12 were edited to demonstrate the impact of these changes.  In addition, the scope of these two Advisory Opinions was expanded to include Standards Rule 10-2.

 

 

 

 

USPAP 개정사항.hwp

 

 

 

-Revisions to Advisory Opinion 13, Performing Evaluations of Real Property Collateral to Conform with USPAP-  (자문의견 13 개정)

 

 

Due to changes in Interagency Appraisal and Evaluation Guidelines effective December 2010, Advisory Opinion 13 has been revised.

 

 

Administrative edits were also made to USPAP and all guidance material, including the USPAP Advisory Opinions and USPAP Frequently Asked Questions, for conformity and consistency.  The details of the changes to the 2014-15 edition of USPAP can be read on the Appraisal Foundation’s website, in a document entitled 2013 Summary of Actions Related to Proposed USPAP Changes.

USPAP 개정사항.hwp

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