3. The Nine Major Sections of the GIPS Standards
d. describe the nine major sections of the GIPS standards.
Do firms need to document how they maintain compliance with GIPS standards?
Yes. Firms must document, in writing, the policies and procedures used in establishing and maintaining compliance with all the applicable requirements of the GIPS standards.
What are the three fundamental responsibilities of firms in compliance with GIPS?
1. Provide a compliant presentation for a composite, along with a composite description, to all prospective clients.
2. Discontinued composites must be listed for at least five years after discontinuation.
3. Establish procedures to monitor GIPS requirements and the firm's performance measurements and presentations to ensure continued compliance.