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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Archived

Effective: 1 January, 2014 - 31 December, 2019

Categories: Error Correction

Source: GIPS Executive Committee

We recently determined that our total firm assets disclosure for the past two years has been incorrectly reported in our compliant presentations, but the rest of the information in our compliant presentations is correct. Does this qualify as an error?

The concept of correcting an error applies to all information included in a compliant presentation and is not limited to errors in composite returns. The firm must treat this as an error and follow the firm’s previously established error correction policies and procedures.

Please also see original Q&A