I had to make an educated guess on this one. Do you consider real estate part of firm assets when a) firm doesn’t have control over real estate and b) when real estate generates no income?
yes and yes, this was on another thread.
friggin a. i put no, yes
i think many people got that wrong. i certainly did
went with yes and yes b/c GIPS tries to make things transparent as possible but I agree, they were nitpicky!
yes and yes, when calculating total assets of a firm, use all non-discretionary and non-fee paying accounts (that includes real estate accounts). Don’t get this confused with GIPS performance presentation where it’s required to include fee-paying accounts (and discretionary accounts?) but only recommended to include non-fee paying accounts (and non-discretionary accounts?) Can someone verify this? I don’t have my books @ work w/ me.