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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Effective

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1 Result

Archived

Effective: 1 July, 2005 - 31 October, 2012

Categories: Recordkeeping

Source: Investment Performance Council (IPC)

Can a firm previously claiming compliance with the GIPS standards continue claiming compliance if it does not have records to substantiate a portion of its past performance due to a catastrophic event?

The firm should try to 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. However, if the underlying data to support the performance presentation or to perform the required calculations were destroyed because of extreme circumstances beyond the control of the manager and unavailable from other sources, the firm may continue to claim compliance and show performance if the lack of records for the unavailable period(s) is disclosed. The disclosure must include the reason why the records are unavailable and that the firm is unable to duplicate the records. For example, if the records for Firm A from its inception through 31 December 2002 were destroyed under extreme circumstances beyond the control of the manager, the firm can claim compliance with the GIPS standards by showing its performance going forward from 1 January 2003 in compliance with the Standards, and disclosing that the firm’s records for the period from 1 January 1999 through 31 December 2002 were destroyed under extreme circumstances beyond the control of the manager and the data is unavailable from other sources. The firm must also consider any applicable regulatory requirements and must remember that the GIPS standards are ethical standards based on the principles of fair representation and full disclosure. Any performance information that is presented must adhere to these principles.

Please also see updated Q&A