In response to regulatory concerns, the American Institute of Certified Public Accountants (AICPA), American Society of Appraisers (ASA), and Royal Institution of Chartered Surveyors (RICS) and others have worked together to focus on issues facing the valuation profession and how to address them.
Stay tuned for more information on the launch of this credential.
Mandatory Performance Framework Exposure Draft
The AICPA, ASA and RICS sought out comments on the scopes of the Mandatory Performance Framework and the related Application of the Mandatory Performance Framework and whether their contents provide the appropriate set of parameters to help improve the documentation and auditability of fair value measurements. Respondents were asked to respond, in particular, to the following questions:
- Are the objectives of the documentation guidance clearly stated?
- Are there any topics or subtopics that should be included that are not currently in the document?
- Would illustrative examples be helpful in providing instructive guidance for the application of the Mandatory Performance Framework?
The comment period for the Mandatory Performance Framework closed on August 24, 2016.