Kreischer Miller recently held its annual investment industry update, which covered a variety of topics including an update on GIPS and performance reporting. The key topics of the GIPS update centered on current projects, available resources, recently issued Q&A’s, and the results of an industry survey on…more
October 25-26, 2022
Boston Park Plaza
The treatment of carveouts within the GIPS standards (formerly, the AIMR Performance Standards) has been a long and winding road since the inception of the standards back in the early 1990s. Initially, the standards permitted the carving out of a portion of portfolio assets into individual segments for the…more
The purpose of this industry alert is to serve as a reminder for firms claiming GIPS compliance to submit your GIPS Compliance Notification Form by June 30, 2022.
The GIPS Compliance Notification Form is a required filing with the CFA Institute to notify it of the firm claiming compliance. Firms…more
May 10-11, 2022
The CFA Institute created and administers the GIPS Standards. However, a ruling in this SEC case demonstrates that while the SEC did not develop the GIPS Standards, it will take action against investment advisors that falsely claim compliance or omit key disclosures.
The case involves an advisor that advertised its…more
As we draw near the December 31, 2020 adoption date for GIPS 2020, it will become increasingly important for firms to review the updated standards to determine whether any changes should be made, or more importantly, must be made to their existing policies and procedures to remain compliant.
Overview of the Rules Under GIPS 2020
The error correction rules for firms are in provision 1.A.20 of GIPS 2020, which notes that firms must correct material errors in GIPS composite reports and must:
Provide the corrected GIPS composite report to the current verifier
Provide the corrected GIPS…more
Craig B. Evans, Director, Audit & Accounting
Earlier today, President Trump signed the $484 billion bill passed by the House Thursday afternoon and intended to provide additional relief to businesses impacted by the COVID-19 pandemic. The bill includes approximately $310 billion in additional funding for the Paycheck Protection…more
With the release of GIPS 2020 came another change to the standards on carve-outs, marking the second time in which the guidance has changed. So, we thought it might be worthwhile to revisit the history of carve-outs guidance within the GIPS Standards.
A Brief History
Initially, the GIPS…more