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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Archived

Effective: 1 May, 2010 - 30 November, 2013

Categories: Fundamentals of Compliance

Source: GIPS Executive Committee

The 2005 edition of the GIPS standards requires firms to document, in writing, their policies and procedures used in establishing and maintaining compliance with all the applicable requirements of the GIPS standards. In the 2010 edition of the GIPS standards, the provision has changed to state that firms must document their policies and procedures used in establishing and maintaining compliance with the GIPS standards, and does not refer only to the provisions that are “applicable” to our firm. Must we create and document policies and procedures for provisions that do not apply to our firm?

No. Firms must review all of the provisions of the GIPS standards to determine if they are applicable to their firm. There is no requirement to create and document policies and procedures to comply with provisions that do not apply to the firm. However, firms must actively make a determination about the applicability of all the provisions and document their policies and procedures accordingly.

Please also see updated Q&A