Upgraded API Professional Standards Framework – Move to a new terminology
Guidance Papers for Valuation & Property Professionals
Modernising the Professional Standards Framework
We have received Member feedback that the classification of the existing API standards documents may be confusing and that additional clarity is required about:
- the standing of standards documents in a court of law.
- if a standard is mandatory or competent professional practice/best practice; and
- what is the hierarchy and difference between GNs, TIPs, International Standards, and valuation protocols?
In addition, the naming convention originally introduced by International Valuation Standards (IVS) resulted in the API introducing TIP’s, however, the IVS has now discontinued using the title of TIP’s.
New Guidance Papers – What will we see from 1 July 2021?
To clear up any confusion about the hierarchy and classification of professional standards documents, the following four activities will be undertaken:
- Clearer document hierarchy: There will be only four types of professional standards documents which will remove some misunderstanding around the hierarchy that was evident in the former GN’s and TIP’s. This will include what is mandatory and best practice/competent professional practice and if there are departure provisions:
|Type of Document||Purpose||Example|
|API Code and Rules||Mandatory API Professional Member Obligations||Code of Ethics and Rules of Professional Conduct|
|International Standard||Mandatory API Professional Member Obligations||International Valuation Standards|
|Guidance Paper||Professional practice guidance on valuation and property-related topics||Assessing Rent and Rent Determinations|
|Protocols||Specific refresher guidance or clarification relating to a particular Guidance Paper||Significant Valuation Uncertainty|
- New ‘look and feel’ of the new Guidance Paper document: Consistency of formatting, layout and style across all Guidance Papers
- New identifying numbering system/prefixes to provide consistency: The new prefixes will be following the below format:
- Australian and New Zealand Papers (eg ANZVGP 101, ANZPGP 201)
- Australian only Papers (eg. AVGP 301, APGP 401)
- New Zealand only Papers (eg. NZVGP 501, NZPGP 601)
- New suite of Standards Education and Resources: To ensure the professional standards documents are practical and user friendly, we will endeavour to gradually roll out “refresher training’’ on key fundamentals about professional standards documents, such as short videos or blogs.
Staged upgrade of documents that make up the Professional Standards Framework
We have embarked on a phased project which will modernise the Professional Standards Framework. There will be two phases to this modernisation project:
Phase 1 – rebrand and refresh to ‘Guidance Papers for Valuers & Property Professionals’ (Guidance Papers) to provide a platform to move forward with clarity. This rebrand has made no substantive change to the intent or guidance provided by professional standards documents.
Phase 2 – full review of all Standards documents that make up the Professional Standards Framework and where required, any required substantive content upgrade.
Want to know more about the new Professional Standards Framework?
We will be delivering an API/PINZ Member webinar next month, so Members can hear more details about the modernized framework and for Members to provide feedback on how we can ensure we are meeting the needs of Members with the upgraded Professional Standards Framework.
Visit our Standards webpage for more information or to view the documents.
Amelia Hodge, CEO, API
Mark Kay, Chair, Standards Steering Committee
Posted on July 6, 2021