The American Institute of CPAs (AICPA), the American Society of Appraisers (ASA) and the Royal Institution of Chartered Surveyors (RICS) have opened a consultation on an exposure draft of the proposed Valuation Performance Framework (VPF).
The three organisations are inviting valuation professionals and other stakeholders to comment on whether the proposed requirements meet current practice needs, and whether further guidance is needed.
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The proposed VPF is intended as a complete principles-based framework to support “consistency, quality and transparency” in valuation engagements, a statement said.
It builds on the document previously known as the Mandatory Performance Framework (MPF), while seeking to reflect the changing requirements of valuation professionals and retain an emphasis on professional competence, objectivity and sound professional judgement.
To help stakeholders assess the proposal, the organisations have published two documents comprising the proposed VPF Exposure Draft and a high-level bridging document summarising the main changes between the former MPF and the proposed VPF.
The AICPA, ASA and RICS have asked practitioners, users of valuation services, regulators, academics and other interested parties to review the exposure draft in full.
They are seeking comments on all elements of the proposed framework, including its clarity, operability, relevance and possible effect on valuation practice.
Comments must be submitted by 22 December 2026.
Last month, the AICPA partnered with the former commissioner of the Internal Revenue Service to launch a cross-sector initiative promoting the practical and responsible use of AI in tax practice and administration.
