I feel used and manipulated into learning about GIPS. The standards are arbitrary, subjective, and non-stationary (Rules changed in 2000, 2001, 2006, 2011 and 2012). The inclusion of the material in the CFA program is biased (Notice their are no LOS associated with knowing the negative consequences of GIPS eg. Cost of compliance) and a conflict of interest (For two co-mingled organizations to leverage each other’s network).
The actual standards, are poorly written and internally inconsistent. IMO, I believe any CFA charter holder working with CFAI on GIPS strategy is in jeaopardy of breaking several standards of Professional Conduct.
I.B (CFAI and GIPS are definately not independent)
II.B (By manipulating a barrier to entry for non-GIPS compliant firms, they distort market prices of professional services, for their gain.)
III.B (Other professional activities is the focus here. As they create the curriculum for us, students - one of their clients.)
V.B.1 (By including excessive disclosures, a firm can camouflage priority disclosures. GIPS makes it possible.)
Anybody else feel this way? Or is it just me?
Edit: Fix Typos