Q & A Database

The GIPS Standards Q&A database contains questions and answers (Q&As) on various searchable topics that provide additional interpretation on an issue. Q&As are considered to be authoritative guidance and must be followed in order to claim compliance with the GIPS standards.

Content from prior Q&As was included in the GIPS Standards Handbook as much as possible and many Q&As were archived. Change the Status drop-down filter to "Archived" to see the archived Q&As.

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  • Current

    Effective: 1 January, 2020
    Categories: Securities Lending
    Source: 2020 GIPS Standards

    Should securities lending income be included in the investment firm’s performance?

    Typically, securities lending is not an active part of the portfolio strategy for segregated accounts. Therefore, unless the securities lending is a part of the strategy defined by and at the discretion of the investment manager, securities lending income should be treated like an external cash flow and not included in performance in order to get an accurate representation of the investment manager’s ability to implement the intended strategy of the portfolio. If securities lending is a part of the strategy, it should be included in performance. This will likely be the case for a firm’s proprietary pooled funds.  Firms should disclose how securities lending income is treated.

    Please also see the prior version