5 or 10 years of GIPS compliant performance

‘‘After presenting a minimum of five years of GIPS-compliant performance (or for the period since firm’s inception or the composite inception date if the firm or composite has been in existence less than five years), the firm must present an additional year of performance each year, building up to a minimum of 10 years of GIPS-compliant performance (I.5.A.1a).’’

Da fuq? Doesn’t that mean that a firm should present a minimum of 10 years of performance, unless it has been in existence less than 10 years, in which case the performance presentation should be for the period since firm’s inception.

Funny language both inside and outside of quotation marks :grin:.

The way I understood it, to claim GIPS compliance you need to have at least 5 years of operations. At five years you present your trailing five years performance, at six years you present your six years performance and so on. Then when you reach 11 years of existence, you are not obligated to present first year of performance - you need to present at least 10 years. It will be up to you to decide whether to present or not.

Hope it helps.

Cod—best advice I can give you on GIPS is don’t look at it until the week before the exam. Skim through all of it now if you want, but similarity to ethics, I recommend leaving it to the last week.

That’s what I’m trying to do; I’m skimming through MM’s videos on fast forward and that sentence caught my eye.