Notes 5, P229, Q7. GIPS compliance . In answer, since Jan,2004,firm intends to claim compliance w/GIPS, firm will use monthly valuation recalculate performance for 2001,02,03, and show historic quarterly valuation for 1994~2000. No need to recalculate performance for periods prior to 2001. I remember GIPS request at least 5 years’ compliance valuation + 5 years’ non-compliance valuation. In this case, firm should use monthly valuation recalculate performance for 2001,02,03,+ redo quarterly valuation of 1999,2000 under GIPS; + leave quarterly valuation of 1994-98 as it is.