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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.
