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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Effective

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1 Result

Archived

Effective: 1 August, 2012 - 31 December, 2019

Categories: Verification

Source: GIPS Executive Committee

Our firm has claimed compliance with the GIPS standards for a number of years and is about to be verified for the first time. Our firm specializes in managing fixed income strategies and all our fixed income compliant presentations include an attribution analysis labeled as supplemental information. This analysis is prepared using our own attribution model which is tailored to our investment process. Will the verifier be required to test that the attribution model used is appropriate and that the attribution information in the compliant presentation is accurate?

No, the supplemental information itself, which in this case is an attribution analysis, is not subject to independent verification. The verifier must, at a minimum: 1) determine that the supplemental information presented is clearly not false or misleading; 2) determine that the supplemental information is not prohibited from being presented; and 3) ensure that the information is correctly and clearly labeled and identified as supplemental information to a particular compliant presentation. For example, if the attribution analysis was from a portfolio not included in the composite, that would be misleading. See the Guidance Statement on the Use of Supplemental Information for additional guidance. Note that it is the ultimate responsibility of the firm claiming compliance to ensure that it abides by the ethical principles and spirit of the GIPS standards each time it presents performance or performance-related information.