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Reminder - New USPAP Requirement for Business Valuers

by User Not Found | Jan 10, 2014

Reminder to all AMs, ASAs, and FASAs, effective April 1, 2014, in order to comply with the ASA’s requirements as a member of the Appraisal Foundation, all BV AMs, ASAs, and FASAs seeking recertification will be required to have taken a USPAP course within the previous five years. This requirement may be met by taking a 7-hour USPAP update course, a 7-hour USPAP update course specific to Business Valuation (when this course is approved and available), a 15-hour USPAP course and exam or the 15-hour USPAP course (includes exam) specific to Business Valuation.

More information regarding this requirement can be accessed at: ASA’s USPAP Requirement Information.

IMPORTANT NOTE: The Dallas Chapter of the ASA is offering the inaugural 7-hour BV-specific USPAP update on January 24, 2014. To register, click here. Recently developed by Carla Glass, FASA, and Jay Fishman, FASA, this course will also be available online beginning in April.

If your reaccreditation is due in 2014, the options available are:

  • An online offering of the BV-focused 7 hour course is scheduled to be available in April 2014 to be taken according to your own schedule. Stay tuned for announcements.
  • There is an in-person offering of the BV-focused 7 hour course being offered in Dallas, Texas by the Dallas/Fort Worth Chapter on January 24, 2014.
  • We expect there will be other chapter-sponsored offerings of this BV-focused 7 hour course during 2014.
  •  If you prefer a longer version, there is a 15-hour BV-focused USPAP course available (only in person currently, not online) that is taught occasionally, usually in conjunction with conferences. This course would also satisfy the hours needed for reaccreditation and, if only being taken for the purpose of reaccreditation, it’s not necessary to pass the exam.
  • If none of these options are appealing, there are online offerings of the real estate version of the 7 hour course.

We strongly urge you to take the BV-focused version of the course. The BV-focused course will supply you with ideas to more easily incorporate USPAP in your BV practice and will address the key misunderstandings that persist among business appraisers about the requirements of USPAP. Also, many of you have not taken a USPAP course for many years and the BV-focused version is being designed to bring you totally up to date. The real estate course, while still taking 7 hours, will focus primarily on changes made in the 2014-2015 edition of USPAP – most of which do not affect the business valuation portions of USPAP.