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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1 Result
  • Archived

    Effective: 1 May, 2010 - 31 December, 2019
    Categories: Effective Dates
    Source: GIPS Executive Committee

    In the 2010 edition of the GIPS standards, why is the effective date language for the private equity Section and the provisions for real estate closed- end fund composites in the real estate Section different from the language often used throughout the rest of the GIPS standards? For example, the private equity Section (Section 7) often states “for periods ending on or after 1 January 2011” whereas numerous other provisions in Sections 0-5 of the GIPS standards state “for periods beginning on or after 1 January 2011”.

    The period for a since inception internal rate of return (SI-IRR) is from the inception date through the period end that is being reported. Unlike time-weighted rates of return, the beginning period for a SI-IRR remains constant and does not change. Therefore, it is necessary to consider the period ending date of the SI-IRR to determine the periods to which various provisions apply. Numerous provisions in Sections 0-5 include the phrase “for periods beginning…” With the exception of provisions 6.A.23.b and 7.A. 21.b, when applying effective date language to private equity and SI-IRR related provisions for real estate closed-end fund composites, firms must substitute the word “ending” for the word “beginning”.