Organization Seeks to Implement New Standardization Process

The Appraisal Institute recently announced three major strategic initiatives that have the potential to significantly impact the valuation profession.

The Appraisal Institute will: Issue proposed standards of valuation practice that could serve as an alternative for valuation professionals where national or other standards are not required; expand delivery of Appraisal Institute education, becoming more proactive in identifying and pursuing appraisal educational opportunities; and create a new certification organization to establish a future generation of cross-disciplinary valuation professionals and to enhance their marketability in a competitive job environment.

“These strategic initiatives are creative and comprehensive. They will have a huge impact on the future of the global valuation profession,” said Richard L. Borges II, President of the Appraisal Institute.

The Appraisal Institute plans to issue proposed standards of valuation practice that could serve as an alternative for valuation professionals when current national or other standards are not required. These standards could be used when Uniform Standards of Professional Appraisal Practice (USPAP), International Valuation Standards (IVS), or other standards are not required and the use of the proposed standards would be appropriate.

These standards would serve as an alternative set that could be used independently, and are not intended to supplant USPAP or other national standards. As a part of the implementation the Appraisal Institute also will issue a proposed comprehensive revision of its code of professional ethics.

Other initiatives in the pipeline include expanding the delivery of Appraisal Institute education through a wider number and scope of providers, and becoming more proactive in identifying and pursuing educational opportunities.

The Institute maintains that by creating a new certification organization, the new entity will establish a future generation of cross-disciplinary valuation professionals and will enhance their marketability in a competitive job environment.

“The Appraisal Institute’s well-conceived, well-planned approach is being announced and implemented collectively as part of a coordinated, strategic effort to address market need and demand, to strengthen the valuation profession and to reinforce the Appraisal Institute’s leadership of the profession,” Borges said.

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