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.

The GIPS Standards Helpdesk is available for individual questions and typically responds to inquiries within 3 business days.

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1 Result
  • Archived

    Effective: 1 March, 2006 - 31 December, 2013
    Categories: Recordkeeping
    Source: GIPS Handbook, 2nd Edition

    Firm B does not have the information necessary to substantiate the required calculations that would support the firm’s performance record prior to the date of a fire in its storage facility that destroyed its records and electronic back up systems. Is the firm precluded from claiming compliance with the GIPS standards?

    The GIPS standards require firms to present, at a minimum, 5 years of annual investment performance that is compliant with the GIPS standards. If any year prior to the date of the fire is required to be included in the presentation to meet the initial 5-year requirement, as long as a firm can recapture the information that would support its performance record for those years, the firm could claim compliance and include performance for years prior to the date of the fire in its performance presentations. For instance, Firm B could reconstruct the information necessary by obtaining the information from clients, custodians, consultants, verifiers or any other party outside the firm that might have duplicate copies of those records. If the firm were able to collect data to support a five-year record, then it would be able to claim compliance with the GIPS standards, provided all the other requirements of the Standards are also met.

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