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.
Members of the AIC and other users of CUSPAP completing reports in accordance with these standards as well as intended users of professional appraisal services will also find contained herein the requirements necessary to meet compliancy with the IVS relative to IFRS and Valuation for Financial Reporting (VFR).
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.
December 22, 2011