“The American Society of Cost Segregation Professionals (ASCSP) has been established as a non-profit corporation in response to the growing need for credentials, technical standards and a Code of Ethics within the cost segregation industry. Membership will be open to all firms and individuals that meet the standards currently under development by ASCSP.
Given the multitude of firms preparing cost segregation studies, there is an immediate need to set definitive standards with respect to proposals, methodologies, educational requirements, continuing education, work paper file organization and report formats. Also of equal importance is the business ethics and practices for cost segregation consultants. ASCSP recognizes the current industry issues regarding the lack of standards for the methodology and preparation of detailed cost segregation studies as well as absence of definitive educational/experience requirements.
ASCSP will establish, monitor and upgrade (as needed) these standards for the industry through the implementation of its certification and training programs for member firms and individuals. Additionally, ASCSP will openly solicit and accept input from the Internal Revenue Service in order to establish the standards by which cost segregation reports will meet the “Principal Elements of a Quality Cost Segregation Study and Report” as delineated in the Audit Techniques Guide for Cost Segregation Studies promulgated by the Internal Revenue Service. “