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.
The GIPS Standards Helpdesk is available for individual questions and typically responds to inquiries within 3 business days.
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ArchivedEffective: 1 December, 2013 - 31 December, 2019Categories: Error CorrectionSource: GIPS Executive Committee
Our firm has claimed compliance with the GIPS standards for approximately five years. We just took a fresh look at our compliant presentations and realized that we inadvertently excluded one of the required disclosures concerning the composite creation date. We have corrected our compliant presentations and would like some guidance on whether a missing disclosure qualifies as an error.
The lack of a required disclosure is considered an error, and the compliant presentation must be corrected. The firm’s error correction policies and procedures should address the materiality and significance of both qualitative and quantitative errors and specify the appropriate course of action. The firm’s error correction policies and procedures must be established, documented and then followed consistently.
Please also see original Q&A