GIPS - verification


Just wanted to confirm is Verification a mandatory requirement as per GIPS?

In standards, I saw at a places it says that verification is encouraged and at a places it says that Firms should be verified.


if decided to be verified, mandatory total-firm-basis


and what about minimum Asset Level , is it mandatory or recommended?

Recommended, but if MAL is followed then it need to be disclosed and followed in a consistent manner.

thanks folks. I also have confusion regarding market value and fair value. I understand from 1 Jan 2011, composite should show fair value, which could be different from market value. However, in some practice exams, I see answers being correct using market values.

what are your experiences?