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 January, 2006 - 30 April, 2010Categories: VerificationSource: Guidance Statement for Verification (revised)
Our firm has been in compliance with the GIPS standards since 2000. We obtained a verification from an independent verifier which covered the periods from 1995 through December 31, 2002. At what point does our verification “expire”?
It would be misleading for a firm to state that a verification has been performed without specifying the appropriate time period covered by the verification. If your firm makes reference to the verification in the disclosures to a composite presentation, unless all time periods presented have been verified, you must disclose which periods have been verified. While a verification does not expire after a certain period of time, a firm should consider whether references to a verification that covers periods more than 24 months ago have the potential to be misleading.