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 cards)
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
