Discussion Thread: Uniform Standards of Professional Appraisal Practice

 

Introduction

Overview

Many companies within the United States are known as pass-through entities. Other entities include limited partnerships. These pass-through entities and limited partnerships have unique characteristics when it comes to valuation. Estate, gift, and income tax valuations are also factors that an evaluator must examine.

Learning Outcomes

Upon successful completion of this module, you will be able to:

• Discuss the Uniform Standards of Professional Appraisal Practice (USPAP).
• Recognize the unique characteristics of pass-through entities.
• Determine the procedures for valuing estate, gift, and income tax valuations.

 

• Read: Hitchner: Chapters 13 – 15
• PageWatch: Valuation of Other Entity Types

https://canvas.liberty.edu/courses/934965/pages/watch-valuation-of-other-entity-types?module_item_id=101647645

 

Discussion Thread: Uniform Standards of Professional Appraisal Practice

 

The Uniform Standards of Professional Appraisal Practice (USPAP) are the generally accepted standards for professional appraisal practice in North America. USPAP contains standards for all types of appraisal services. Standards are included for real estate, personal property, business and mass appraisal. The purpose of USPAP is to promote and maintain a high level of public trust in appraisal practice by establishing requirements for appraisers.

All appraisal reports must include a signed and dated certification that these USPAP requirements have been fulfilled. Among the many stipulations, USPAP requires that the appraiser act as a neutral, disinterested third party, who reports the facts in an unbiased manner. These and other requirements comprise the “standard of care” to which appraisers must adhere.

Discuss one USPAP (Uniform Standards of Professional Appraisal Practice) Business Valuation Standard and how that standard may apply to a given circumstance in a business valuation engagement.

DISCUSSION ASSIGNMENT INSTRUCTIONS

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