How the latest USPAP revisions affect business appraisals

Description

Abstract: One of the first sets of comprehensive business valuation standards was the Uniform Standards of Professional Appraisal Practice (USPAP), published in the late 1980s by the Washington, D.C.-based Appraisal Foundation. Today, USPAP is widely considered to comprise the generally accepted standards for professional appraisal practice in the United States, particularly in the federal courts. This brief article notes some recent changes to the standards, including clarification of the question of appraiser advocacy and guidance on record-keeping, signature and certification requirements in assignments involving multiple appraisers.