Page 47 - CFA - Day 1 & 2 Course Notes
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5. The GIPS Standards
LOS 5.c: Explain how the GIPS standards are implemented in countries with
existing standards for performance reporting and describe the appropriate
response when the GIPS standards and local regulations conflict.
Firms that presented performance in compliance with a Country Version of GIPS
(CVG) may claim GIPS compliance for any CVG-compliant results prior to January 1,
2006.
If country-specific regulations conflict with GIPS, firms must follow the applicable
country-specific regulations but must also disclose the nature of the conflict with
GIPS.
