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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ArchivedEffective: 1 July, 2007 - 31 December, 2013Categories: RecordkeepingSource: GIPS Executive Committee
We have custodial records, trade confirmations, portfolio holdings and valuations, transactions reports, corporate action reports, income received/earned reports, accrued income reports, and cash flow/weighted cash flow reports. Must we maintain all these records for all portfolios (both discretionary and non-discretionary) in order to satisfy GIPS 1.A.1?
No. For all composites the firm must maintain sufficient records to support the firm’s performance presentations, including the composite’s performance record. This might include a combination of the types of records you suggested. A firm is not required to maintain records to support performance calculations for portfolios excluded from composites, including non-discretionary portfolios. However, a firm is required to maintain support to prove that all portfolios that were excluded from composites were properly excluded. The firm must determine which records would suffice and maintain these records for all portfolios/composites for each period of performance presented.
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