GIPS Day

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jimmykaw

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Lets list down some important concepts so all of us have these in mind on sat.
- All functions except trading desks should be separate for a firm definition. Trading desks can be same as long as they are used only for order execution and no decisions or analysis is done.
- accrual accounting for interest accounts, trade date accounting from jan1 2005, Failr value from jan1 2011.
- daily weighted cash flows 2005, all large external cash flows 2010.
- never include non discretionary, can include non fee paying, must include fee paying and descretianary.
 
After 1 Jan 2012 property must be valued every year, unless the client stipulates otherwise. Then value at least every 36 months
 
Linking performance fom a past firm:
- all decision makers employed.
- decision making process same.
- records available.
 
For periods beginning on or after 1 January 2011, FIRMS MUST disclose the use of subjective
unobservable inputs for valuing PORTFOLIO investments (as described in the GIPS Valuation
Principles in Chapter II) if the PORTFOLIO investments valued using subjective unobservable
inputs are material to the COMPOSITE
 
I heard a rumor that GIPS didn’t show up last year. Maybe this year? There must be a bias for this kind of behavior?
 
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