This release of the ASA Business Valuation Standards (February 2022 release) is to be used in conjunction with the Uniform Standards of Professional Appraisal Practice (USPAP) of the Appraisal Foundation and the Principles of Appraisal Practice and Code of Ethics of ASA.
ASA is one of eight major appraisal societies that founded The Appraisal Foundation (The Foundation) in 1987. The Foundation is a national, nonprofit organization created to establish uniform criteria for professional appraisers and was recognized by the U.S. Congress in 1989 as the source for the development and promulgation of appraisal standards and qualifications. The Foundation authors the Uniform Standards of Professional Appraisal Practice (USPAP) which is the recognized standard governing professional appraisals.
As a sponsor of the Appraisal Foundation, all members of ASA must take and pass a 15-hour USPAP course and exam taught by an Appraisal Qualifications Board- (AQB) approved instructor. All ASA Members are held to these standards and must take USPAP update courses on a regular basis in order to maintain their designation with ASA.
The International Valuation Glossary was developed as part of ongoing efforts to harmonize definitions for terms used in business valuation. It is intended to be a reference tool to facilitate communication within the business valuation profession and with relevant stakeholders and users. This Glossary is designed to be helpful, but neither authoritative nor prescriptive.
ASA has been represented on the International Valuation Standards Council (IVSC) since 1994. The IVSC is an independent, not-for-profit, private sector organization. Its objectives are to strengthen the worldwide valuation profession by: developing high quality international standards and supporting their adoption and use; facilitating collaboration and cooperation among its member organizations; collaborating and cooperating with other international organizations; and serving as the international voice for the valuation profession. In pursuit of these objectives the IVSC places paramount importance on protecting the public interest.
ASA members who practice solely outside of North America have the option to follow IVSC standards, USPAP or CUSPAP (if the member resides in Canada). View/download a complimentary copy of the International Valuation Standards.
Object ID is an international standard for describing cultural objects. The Object ID project was initiated by the J. Paul Getty Trust in 1993 to combat the illegal appropriation of art objects by facilitating documentation of cultural property and by bringing together organizations around the world that can encourage its implementation. It was officially launched in 1997 and today is overseen by the International Council of Museums (ICOM). ASA participated in the development of Object ID and continues to support its use and promotion along with other art appraisal organizations, the art trade, museums, cultural heritage organizations, insurance companies, and major law enforcement agencies to include the Federal Bureau of Investigation (FBI), Scotland Yard and Interpol. View Object ID Record Sheet sample.