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 organizations, according to a news 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.