Exposure Drafts are prepared by the Australian Valuation Standards Committee, the Australian Property Standards Committee or their Property Institute of New Zealand (PINZ) equivalent.
Before issuing any new standards or guidance a Discussion Paper is generally prepared in the first instance. If, as a result of its consideration of the responses to a Discussion Paper, the relevant Board decides that the project should progress it will proceed with the development of an Exposure Draft.
When the API / PINZ approve the issue of an Exposure Draft it will be freely available on the respective website. Notifications will also be sent to members and any identified interested parties. A period of six weeks will normally be allowed for comment.
Responses will be collated and the relevant Board will consider what amendments are appropriate to the Exposure Draft in the light of the responses received. If the responses indicate that major change from the Exposure Draft is necessary, the Board may issue a second Exposure Draft.
A Board may decide to modify or depart from the consultation procedures set out above but, if it does decide such, it shall give notice of and reasons for its decision.
After considering any amendments deemed appropriate as a result of the consultation the document will be approved by the respective Institute’s for publication, including the date upon which it is deemed to be effective.
- Exposure Drafts do not have any formal standing until such time as they are adopted by API / PINZ as being suitable for use by Members.
- They must not be relied upon, reproduced or used by any Member or any other party for any reason whatsoever.
- Reliance should be given to currently adopted / approved / sanctioned Practice Standards, Guidance Notes and Technical Information Papers only.
- Members and the general public are warned that Draft Practice Standards, Guidance Notes and Technical Information Papers may be at various stages of the rigorous development and review process and that they may change or be amended during this development process.
The International Valuation Standards Council (IVSC) has in recent times withdrawn all of its Guidance Notes and issued, as appropriate, Technical Information Papers in lieu. API / PINZ are currently reviewing all of the local Standards / Guidance Notes with the view of re-issuing as local Technical Information Papers (TIPs).
For more information about Professional Standards please contact:
|Contact:||API Standards Team|
|Phone:||02 9299 1811|