What is Occurring to GIPS and Why?
- 1Briefly, What are the GIPS Standards?
- 2What is Occurring to the GIPS Standards and Why?
- 3What is an Exposure Draft?
- 4What to Know About the 2020 GIPS Standards Exposure Draft
- 5What Are Some of the Proposed Major Changes?
- 6What Are Our Thoughts on These Changes?
- 7What You Need to do to be Heard
- 82020 GIPS Standards Calendar
As mentioned in Chapter 1, there have been two revisions to the original 1999 edition of the GIPS standards (in 2005 and 2010). There was an expectation that the Standards would be reviewed every five years for possible revision. No changes were made in 2015, but many are planned for 2020.
These revisions are done to respond to industry changes, to improve what is required or recommended, and to ensure that the Standards remain relevant. Consequently, the Standards can be viewed as a “living and breathing document,” which occasionally undergoes revision.
With the 2020 version, the entire 2010 version was reviewed for possible change, and there are many proposed revisions.
Proposed changes have been published through two Exposure Drafts4, and the public is invited to respond to and comment on them by 31 December 2018.
The revised set of Standards is expected to be published by 30 June 2019 and will go into effect 1 January 2020. That said, firms will not be required to adopt the changes until they publish their 2020 returns.
4 -2020 GIPS Standards Exposure Draft and 2020 GIPS Standards for Verifiers Exposure Draft