Page 44 - CFA - Day 1 & 2 Course Notes
P. 44
LOS 5.a: Describe the key features
of the GIPS standards and the 5. The GIPS Standards
fundamentals of compliance.
Key Characteristics of GIPS
Document policies and procedures—requirements:
Document, in writing, policies and procedures the firm uses to comply with GIPS.
No statements referring to
Claim of compliance—requirements:
calculation methodologies used in a
composite presentation as being “in
accordance with GIPS” or the like.
No such statements referring to
the performance of an
individual, existing client as
There is no such thing as partial
compliance. being “calculated in accordance
with GIPS” or the like, unless a
compliant firm is reporting
results directly to the client
