The definition of total firm assets for GIPS compliance for presentations must include: Book value or market value for 1) Discretionary Assets and 2) Non-discretionary Assets There is a discrepancy in the book about this…what is the correct answer?
the excerpt from the official guide: “TOTAL FIRM ASSETS MUST be the aggregate of the MARKET VALUE of all discretionary and nondiscretionary assets under management within the defined FIRM. This includes both fee-paying and non-fee-paying assets”
Just as I thought…Thank you. My answer guide states the answer is mv for disc. and bv for non-disc. but the explanation they give is for mkt value for both. Good Luck!