C Flashcards
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
1
Q
CVG compliant data
A
Firms that previously presented performance in compliance with a partocular country version of GIPS (CVG) may claim GIPS compliance for an CVG compliant results pripr to jan 1 2006. Firms that report such CVG-compliant performance data must continue to include that performance data in subsequent GIPS-compliant presentations until a minimum of ten years of complient performance is presented.
In any cases where a country-specific regulations conflict with GIPS, firms must follow the applicable country specific regulations but msut also disclusre the nature of the conflit with GIPS
