The Canadian Uniform Standards of Professional Appraisal Practice (CUSPAP), first introduced in January 2001, respects the expanding role of the valuation professional within the Appraisal Institute of Canada. The Standards meet the sponsor criteria of the Appraisal Foundation in their international membership category, and endorse International Valuation Standards as an authority promoting world-wide acceptance of standards for property valuation.
Four Standards have been developed:
- Ethics Standard
- Appraisal Standard
- Review Standard
- Consulting Standard
Rules provide minimum performance Standards for ethics, appraisal, review and consulting assignments.
- Comments clarify, interpret, explain and elaborate on the Rules, and form an integral part of the Standards; for the purpose of these Standards, their application is compulsory.
- Practice Notes offer advice, examples and resolution; their application is not compulsory.
- Definitions form an integral part of the Standards; for the purpose of these Standards, their application is compulsory.
- Any assignment completed on or before March 31, 2014 with a current, retrospective or updated opinion of value, or a prospective value with an effective date of April 1, 2014 or after, must comply to CUSPAP 2012.
- Any assignment completed on or after April 1, 2014, including a retrospective assignment with an effective date prior to April 1, 2014, must comply to CUSPAP 2014.
- A compliance review of a report with an effective date prior to April 1, 2014 must be completed using the CUSPAP version as at the effective date of the report under review.