On August 11, 2022, the Appraisal Standards Board of The Appraisal Foundation announced that it would be extending the expiration date of the 2020-2021 USPAP publication by an additional year. Instead of expiring on December 31, 2022, the current USPAP will remain in effect until December 31, 2023. The announcement also stated that future editions of USPAP will have beginning effective dates but no expiration dates; this will afford the ASB “greater flexibility to thoroughly examine proposed changes and respond in a timely manner to a changing marketplace.”
The ASB issued an exposure draft of proposed changes to USPAP on July 26, 2022. The proposed changes include a new section of the ETHICS RULE, which would be titled Nondiscrimination. The deadline for public comments on this exposure draft is September 24, 2022.
As with the previous one-year extension of the USPAP publication, this additional extension will not affect the USPAP Update Course cycle. The current 7-hour USPAP Update Course is effective until December 31, 2023. Credentialed appraisers are required to take this 7-hour Update Course (or equivalent course) every two years.