Approximately two years ago, the Appraisal Standards Board of The Appraisal Foundation began the revision process for the Uniform Standards of Professional Appraisal Practice. The process
included the preparation and release of four exposure drafts, numerous public meetings and the review of extensive comments from interested parties.
The Appraisal Institute submitted comments on each exposure draft and attended all of the ASB’s public meetings. On Feb. 6, 2015, the ASB concluded the USPAP revision process with the adoption of revisions to USPAP that the ASB does not anticipate will significantly change the way that appraisers practice. The revisions that will become effective Jan. 1, 2016 include (revisions indicated in italics):