I was hoping someone could help me out with GIPs. I am a little confused about the ‘effective date’ of various standards and how this should be applied.
Throughout the reading it says prior to [a date] since [a date]. If a composite were started in 2000, but then a change happened (Say trade date accounting in 2005), would that composite have to apply this change to portfolios from 2005 onwards, change its records from 2000 or be exempt from the change since it started in 2000 and the change only applies to new composites started after 2005?
If it is the middle one, then remembering all the dates is important. You could have a composite that started in 2000 on the exam and in order to know if it were in compliance, you would need to know when each subsequence change occurred right?