What practice standards and/or code of ethics are business appraisers required to follow?
In general, USPAP has developed standards for all appraisal disciplines. Standards 9 and 10 , recently modified as of January 1, 2000, of USPAP Standards apply specifically to business valuation. Appraisals that will be utilized by lending institutions backed by federal agencies are required to comply with USPAP. Many of the appraisal societies require their appraisers to follow USPAP guidelines regardless as to the use of the appraisal. Each of the appraisal societies have developed practice standards and code of ethics for their members to follow when conducting business appraisals. In most cases, the appraisal societies have their practice standards and code of ethics on their Websites. The practice standards developed by the Business Valuation Committee for ASA members can be found in the bibliography section of this BV Website.
