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 September, 2001 - 31 October, 2012

Categories: Currency

Source: Investment Performance Council (IPC)

Can a composite presentation be converted and presented in a different currency?

Firms can translate composite returns into an appropriate currency for a particular presentation. If a firm chooses to present a composite in a currency other than the composite base currency, the firm should convert the entire presentation into the new currency. This entails converting the benchmark returns, composite assets, and total firm assets into the new currency. The measure of composite dispersion must also be calculated based on the returns in the new currency. It should be noted that the firm must translate and present the entire composite performance history, rather that only a portion. The conversion methodology should be disclosed.

If the firm presents performance in multiple currencies in the same presentation, the currency of the returns should be clearly labeled. In addition, the firm must also present the benchmark returns, composite assets, and total firm assets in the other currency, as well as dispersion measures based on these returns. It is not necessary to disclose the currency for each period presented, as it must be the same for each period. In cases where the currency changed due to the Euro conversion, please refer to the Euro conversion guidelines at www.aimr.org/standards/pps/euroguide.html.

Please also see updated Q&A