AIC Releases CUSPAP 2016
The Appraisal Institute of Canada is pleased to announce the release of the Canadian Uniform Standards of Professional Appraisal Practice (CUSPAP) 2016, effective May 1, 2016. Any appraisal, review, consulting, reserve fund planning and machinery and equipment valuation assignments completed on or after May 1, 2016 will be required to comply with CUSPAP 2016.
The most significant enhancements include:
- the addition of a new standard for the Appraisal of Machinery and Equipment complete with mandatory Definitions, Rules and Comments, and non-compulsory Practice Notes;
- changes to the client and intended user definitions, for all Standards;
- enhanced requirements in the Appraisal Standard, namely as they relate to land use controls, highest and best use, and sales/listing history of the subject property;
- enhanced Review Standard with step-by-step guidance on conducting a compliant and professional technical review;
- expanded Practice Notes to provide as much guidance and best practices to Members in their day-to-day practice;
- enhancements to the Certification (in all Standards) and reliance letter; a formatted narrative report outline; and, the addition of a sample letter of engagement, to name a few.
Questions and comments related to CUSPAP 2016 can be directed to Nathalie Roy-Patenaude, AIC’s Director-Counsellor, Professional Practice.