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.

Search by category, status, date range, and/or keyword.

Category

Advertising Aggregate Method Alternative Investments Asset Owner Assimilating Assets Benchmarks Calculation Methodology Carve-Outs Cash Cash Flow Changes to the Standards: 2006 GIPS Client Reporting Client Updates Composite Calculations Composite Changes Composite Construction Consultant Questionnaires Corrections to the 2006 GIPS standards Creation Date Currency Definition of the Firm Disclosures Discretion Dispersion Early Adoption Effective Dates Error Correction Fees FINRA Firm Assets Firm Notification Requirement Fixed Income Fundamentals of Compliance General/Miscellaneous GIPS Reports Inception Date Incubator Funds Information Outside of GIPS Reports Leverage/Derivatives List of Composite Descriptions Lists of Composites and Pooled Funds Minimum Asset Level Model Results New Portfolios/Accounts Non-fee-paying Portfolios Overlay Strategies Partial Period Returns Performance Examinations Performance History/Track Record Pooled Funds Portability Private Equity Providing GIPS Reports Real Estate Recordkeeping Risk Securities Lending Sub-Advised Assets Sub-Advisors Supplemental/Additional Information Terminated Portfolios Total Asset Owner Assets Total Fund Definition Trade-Date Accounting Valuation Verification Wrap Fee Portfolios

Status

Organization Type

Effective

Keyword

1 Result

Archived

Effective: 1 April, 2013 - 31 December, 2019

Categories: Effective Dates

Source: GIPS Executive Committee

The 2010 edition of the GIPS standards specifies that, for periods beginning on or after 1 January 2011, all portfolios must be valued in accordance with the definition of fair value and the GIPS Valuation Principles in Chapter II. Prior to 1 January 2011, portfolio valuations based on market value were required. For a firm that has not previously claimed compliance with the GIPS standards, for periods prior to 1 January 2011 can the firm value portfolios using fair values prior to 1 January 2011 or must the firm value portfolios based on market value?

A firm that first claims compliance with the GIPS standards on or after 1 January 2011 must value portfolios based on fair values beginning 1 January 2011 but, prior to that date, may choose to value portfolios based on market values or fair values. In order to utilize fair values prior to 1 January 2011, the firm must have implemented policies and procedures for valuing portfolios in accordance with the definition of fair value and the GIPS Valuation Principles for the applicable time periods.

Firms must not opportunistically switch between the use of fair values and market values and must consistently apply the adopted valuation policy for the respective period. The firm must document its valuation policy in its policies and procedures, including recording the timing of any changes to the policy.