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 March, 2006 - 31 October, 2012

Categories: Recordkeeping

Source: GIPS Handbook, 2nd Edition

Firm A claims compliance with the GIPS standards. It maintains hard copies of the records supporting compliance for three years and discards all records older than three years in an effort to save office space. The performance reported on all its composite presentations shows five years of history. Is the firm in compliance with the GIPS standards?

No. A firm must maintain data necessary to support a firm’s claim of compliance. Because Firm A presents five years of performance history, it must maintain the records to support the firm’s five-year history and all other relevant data on the firm’s composite presentations. Because the Standards require firms to build a ten-year performance history, the firm must continue to maintain the records to support the firm’s eventual ten-year performance history.

Please also see updated Q&A