USPAP effective dates

[jmarch305]

I am looking through my old USPAP books. They used to be effective for only 1 year. However, 2005 it starts getting strange. 2004 was effective for 1 year, 2005 says effective Jan 2005, Now's where it gets weird 2006 is effective July 1, 2006. Does this mean that 2005 was effective for 1.5 years? Thanks.

 

[TJSum]

If I remember correctly, changes were made yearly. Then for two cycles it was 18 months, until the current cycle of two years kicked in. So your dates are correct.

 

[DWiley]

Does this mean that 2005 was effective for 1.5 years? Thanks.

Yes. The 2006 version was the version that eliminated the DEPARTURE RULE. The effective date was pushed back to July (rather than the typical date of January 1) to allow some adjustment time. This also helped transition to a two year publication cycle, which had been an ASB goal for a few years.

 

[Mike Kennedy]

"after the horse left the barn" observation & suggestion

publish the 2012-2013 version no later than June 30, 2011 enabling 6 months of Update Classes PRIOR to implementation.