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This current edition of the Canadian Uniform Standards of Professional Appraisal Practice (“The Standards,” or CUSPAP), first introduced in January 2001, respects the expanding role of the valuation professional within the Appraisal Institute of Canada (AIC).    

 

HOW CUSPAP 2018 IS STRUCTURED 
 
CUSPAP 2018 includes seven Standards:
  1. Ethics Standard
  2. Real Property Appraisal Standard
  3. Review Standard
  4. Consulting Standard
  5. Reserve Fund Studies Standard
  6. Appraisal of Machinery and Equipment Standard
  7. Mass Appraisal Standard (New)

COMPULSORY AND NON-COMPULSORY REQUIREMENTS  

Definitions form an integral part of the Standards; for the purpose of these Standards, their application is compulsory.

Rules set out the overarching requirement and provide minimum performance Standards for ethics, appraisal, review, consulting, reserve fund study and valuation of machinery and equipment assignments. Their application is compulsory.

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.

Any assignment completed on or before December 31, 2017 with a current, retrospective or updated opinion of value, or a prospective value with an effective date January 1, 2018 or after, must comply to CUSPAP 2016.

Any assignment completed on or after January 1, 2018, including a retrospective assignment must comply to CUSPAP 2018.

 

 

 


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