Appraisal Foundation (USPAP)
The American Society of Appraisers is one of eight major appraisal societies that, in 1987, founded The Appraisal Foundation, a national nonprofit organization created to establish uniform criteria for professional appraisers.
Since 1989 The Appraisal Foundation has been recognized by the U.S. Congress as the source for the development and promulgation of appraisal standards and qualifications.
The Appraisal Foundation is the source of the Uniform Standards of Professional Appraisal Practice which is the recognized standard governing professional appraisals.
The American Society of Appraisers is a sponsor of the Appraisal Foundation, and as such, our members must follow the sponsorship criteria of The Appraisal Foundation. Upon admission, all members of the American Society of Appraisers must take and pass a 15-hour USPAP course and exam taught by an Appraisal Qualifications Board- (AQB) approved instructor. Members are held to these standards while they are members of ASA and must periodically take refresher courses in order to maintain their accreditation with ASA.
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International Valuation Standards Council
ASA has co-represented the United States to the International Valuation Standards Council (IVSC) since 1994.
The IVSC exists to formulate and in the public interest, valuation standards and procedural guidance for the valuation of assets for use in financial statements, and to promote their worldwide acceptance and observance. The second objective is to harmonize standards among
the nations of the world and to make disclosures of differences in standards statements and /or applications of standards as they occur. It is a particular concern of the IVSC that international valuation standards are recognized in statements of international accounting and other reporting standards and that valuers recognize what is needed from them under the standards of other professional disciplines.
ASA members who practice solely outside North America have the option to follow IVSC guidelines, USPAP or CUSPAP (if the member resides in Canada).