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 July, 2010 - 31 December, 2019

Categories: Performance Examinations, Verification

Source: GIPS Executive Committee

Our firm has been verified for the period 1 January 2001 through 31 December 2010. We have one composite for which we received a performance examination for the period 1 January 2001 through 31 December 2006. We subsequently decided not to continue with further performance examinations for this composite. When preparing the compliant presentation for this composite should we use the claim of compliance for firms that are verified or for composites of a verified firm that have also had a performance examination?

When preparing the compliant presentation for a composite that has had a performance examination the firm may choose to use either the verification or performance examination claim of compliance in the composite presentation. If the end date of the period(s) covered by the latest performance examination report is more than 24 months from the ending period that is presented in the most recent compliant presentation for that composite and the firm chooses to use the performance examination claim of compliance in the composite presentation, the sentence, ”Verification does not ensure the accuracy of any specific composite presentation.” must be included in the claim of compliance as shown below.

“[Insert name of firm] claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. [Insert name of firm] has been independently verified for the periods [insert dates].

Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm’s policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. Verification does not ensure the accuracy of any specific composite presentation. The [insert name of composite] composite has been examined for the periods [insert dates]. The verification and performance examination reports are available upon request.”