AICPA among organizations proposing Valuation Performance Framework

The AICPA has partnered with two organizations to propose a new framework to guide valuation engagements.

The exposure draft of the Valuation Performance Framework (VPF) — published by the AICPA, the American Society of Appraisers, and the Royal Institution of Chartered Surveyors — is open for feedback through Dec. 22 from valuation professionals and other stakeholders.

“The valuation profession continues to evolve in response to changing market demands, regulatory expectations, and stakeholder needs,” Marianna Todorova, chair of the Valuation Performance Framework Working Group, said in a news release. “The proposed Valuation Performance Framework represents an important step toward strengthening consistency and confidence in valuation practice across the profession, and we encourage broad participation in the review process.”

The organizations, according to the release, welcome feedback on whether the proposed provisions appropriately address current practice needs and whether additional guidance may be beneficial.

The VPF — developed to provide a comprehensive, principles-based framework to promote consistency, quality, and transparency in valuation engagements — was based on the document formerly known as the Mandatory Performance Framework (MPF).

In addition to the VPF ED, a bridging document outlines the key differences between the proposed VPF and the MPF.

Public comments are being accepted at VPFConsultation@rics.org.

— To comment on this article or to suggest an idea for another article, contact Bryan Strickland at Bryan.Strickland@aicpa-cima.com.