I’m attempting to memorize the list of required disclosures, particularly the ones that are ALWAYS required for every GIPS compliant presentation. The list is so long I am having to split it up into sub-sections. There are 10 disclosures that are always required, 10 that are sometimes required (depending on the conditions) and 4 that depend on specific dates. Here is what I came up with: ------------------------------------------------------------------ Required Disclosures (ALWAYS) - ACIDIC DRAFT A-vailability of list and description of composites C-reation date of composite I-nternal dispersion and measure used D-escription of composite I-nconsistencies in exchange rates C-urrency used to express performance D-efinition of “firm” in determining assets and compliance R-eturns are gross-of-fees or net-of-fees A-dditional information on calculating and reporting returns is available F-ee schedule T-reatment of withholding taxes ------------------------------------------------------------------ Required Disclosures (Conditional) - 4 3 2 2 (4 fee related, 3 change related, 2 holdings related, 2 external) Bundled-fee portfolios percentage of composite assets in (if any) Fee types included in bundled fees (if any) Gross-of-fees returns - fees in addtition to direct trading expenses (DTE) Net-of-fees returns - fees in addition to management fees and DTE Name change of composite Redefined firm - date and reason (cannot be applied retroactively) Redefined composite - date and nature of the change (cannot be applied retroactively) Minimum size (if any) for portfolio to be included in the composite Derivatives - presence, use, and extent of leverage of (if material) Significant events that would help interpret performance Conflicts of local laws and regulations with GIPS ------------------------------------------------------------------ Required Disclosures (Date Dependent) - no mnemonic yet How any presentation prior to 1/1/2000 is non-compliant with GIPS From 1/1/2006 the use of a subadvisor(s) and the periods Prior to 1/1/2010, how cash is allocated to the carve-outs Prior to 1/1/2010 whether calendar or business month-end valuations are used
I need too spend a lot more time on these…
Based on the above, I created my modified list - ordered according to my logic. I send it here, if it helps. MH ------------------------------------------------------------------------------------------------- GIPS – Presentation - Return - Internal dispersion of returns - # of portfolios - Benchmark return - Total asset value - Firm TAV or % GIPS – Disclosures (general) Required Disclosures (always) Firm: definition Composite creation date Composite description Calculation: currency Calculation: returns must be labeled “gross of fees” or “net of fees” Calculation: fee schedule Calculation: internal dispersion and measure used Calculation: treatment of withholding taxes and tax-basis for net of tax benchmarks “Upon request: list and description of composites is available” “Upon request: addition information on calculating and reporting returns is available” Required Disclosures (conditional) Firm: redefinition - date and reason (cannot be applied retroactively) Composite: name change Composite: redefinition - date and nature of the change (cannot be applied retroactively) Calculation: if “Gross-of-fees”: fees in addition to direct trading expenses (DTE) Calculation: if “net-of-fees”: fees in addition to management fees and DTE Calculation: any known inconsistencies in the exchange rates Calculation: bundled-fee: fee types included Calculation: bundled-fee: portfolios percentage of composite assets in If any: minimum size for portfolio to be included in the composite If material: derivatives - presence, use, and extent of leverage Significant events that would help to interpret performance Conflicts of local laws and regulations with GIPS Required Disclosures (date dependent) Prio to 1/1/2000: how any presentation is non-compliant with GIPS From 1/1/2006: the use of a subadvisor(s) and the periods Prior to 1/1/2010: how cash is allocated to the carve-outs Prior to 1/1/2010: whether calendar or business month-end valuations are used
Great post Dwight, thanks
NP - good luck.