Revised USPAP Reporting Options for 2014
Written by a la mode on December 20, 2013
Revised USPAP Reporting Options for 2014
Along with updated UAD guidelines and additional UCDP checks for new fields slated to go into effect in January, there will also be some changes to USPAP’s reporting options in the new year.
Beginning January 1st, the 2014 USPAP guidelines will reduce the number of reporting options from three:
- Self-Contained Report
- Summary Appraisal Report
- Restricted Use Appraisal Report
To two:
- Appraisal Report
- Restricted Appraisal Report
The Appraisal Report replaces the previous Self-Contained and Summary reports while The Restricted Appraisal Report replaces the previous Restricted Use Appraisal Report.
How do we accommodate the changes in TOTAL and WinTOTAL?
Anywhere the previous three appraisal types were referenced is being updated. A number of forms have been updated to reflect this and will now appear in the Table of Contents with the prefix [USPAP 2014].
The list of updated forms includes:
- The USPAP ID forms:
- All of the GP series forms
- Restricted use appraisal
- Updates to the Summary Phrase list
TOTAL and WinTOTAL will be updated with these new reporting options before the end of December.
You can also review the PDF with all of the revisions adopted by USPAP for 2014 at the Appraisal Foundation website here.