The content of USPAP is summarized in Exhibit 1–1. The 2006 edition of
USPAP was adopted with an effective date of July 1, 2006, and the ASB anticipates
that the 2006 edition will be effective until December 31, 2007 (a period of
18 months). Effective with the 2008 edition, the ASB plans to issue USPAP on a
two-year publication cycle.