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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Archived

Effective: 1 November, 2004 - 30 April, 2010

Categories: Verification

Source: Investment Performance Council (IPC)

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 are misleading and whether they should be made at all. The issue of an “expiry date” of a verification report is under review by the Verification Subcommittee of the IPC and will likely be addressed in the coming months.

Please also see updated Q&A