The American Institute of CPAs (AICPA), the American Society of Appraisers (ASA) and the Royal Institution of Chartered Surveyors (RICS) are seeking comment on an exposure draft for the proposed Valuation Performance Framework (VPF). Valuation professionals and other stakeholders are invited to provide feedback on whether the proposed provisions appropriately address current practice needs and whether additional guidance would be beneficial.
Feedback will be accepted during a public comment period running through Dec. 22, 2026.
The proposed VPF has been developed as a comprehensive, principles-based framework designed to promote consistency, quality and transparency across valuation engagements. The framework builds upon the foundation of the document formerly known as the Mandatory Performance Framework (MPF) while reflecting the evolving needs of valuation professionals and maintaining a commitment to professional competence, objectivity and sound professional judgment.
“The valuation profession continues to evolve in response to changing market demands, regulatory expectations and stakeholder needs,” said Marianna Todorova, managing director at the Office of Professional Practice, Kroll, and chair of the Valuation Performance Framework Working Group. “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.”
To support stakeholders in evaluating the proposal, the organizations have released two documents:
- The proposed Valuation Performance Framework Exposure Draft; and
- A high-level bridging document that summarizes the key changes between the former Mandatory Performance Framework and the proposed VPF.
The bridging document is intended to provide an overview of the updates and should be reviewed alongside the full exposure draft.
The AICPA, ASA and RICS encourage practitioners, users of valuation services, regulators, academics and other interested parties to review the exposure draft in its entirety and provide comments on all aspects of the proposed framework, including its clarity, operability, relevance and potential impact on valuation practice.
All comments received during the exposure period will be reviewed and considered by the VPF Working Group before the framework is finalized. Respondents are encouraged to provide specific recommendations and supporting rationale to help inform the evaluation of proposed revisions. No comments will be made public.
The exposure draft, bridging document and instructions for submitting comments are available through the AICPA, ASA and RICS websites.
Comments should be submitted no later than Dec. 22, 2026, to VPFConsultation@rics.org. Alternatively, comments may also be submitted directly to:
- Mark Smith, AICPA – Mark.Smith@aicpa-cima.com
- Bonny Rogers, ASA – brogers@appraisers.org
- Steve Choi, RICS – schoi@rics.org
Feedback received through the exposure process will help shape a globally relevant framework that supports high-quality valuation practice and enhances confidence in valuation services worldwide.
About the American Institute of CPAs
The American Institute of CPAs (AICPA) is the world’s largest member association representing the CPA profession, with a history of serving the public interest since 1887. AICPA members represent many areas of practice, including business and industry, public practice, government, education, and consulting. A founding member of the Association of International Certified Professional Accountants, the AICPA sets ethical standards for the profession, attestation standards, and U.S. auditing standards for private companies, not-for-profit organizations, and federal, state, and local governments. It develops and grades the Uniform CPA Examination, offers specialized credentials, partners across the profession to build future talent, and drives continuing education to advance the vitality, relevance, and quality of the profession.
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