about the status of GIPS

it is said the GIPS is highese professional standard, also it is the lowest reqirement(compare to laws,regulations), how should us define the status of the GIPS?

In terms of performance standards GIPS is the highest respectable standard of presentation. When apply GIPS to a firm, its requirements are the minimum that need be applied for compliance (firms SHOULD go beyond the minimum due to evolving standards)

Many thanks and got it!