GIPS question on 5 years performance record all, standards, represent, question

WarrenB1

Say a firm has been in business for over 10 years and they decide they want to start being GIPS compliant. The standards say they must present 5 years of GIPS peformance as they are a firm that’s been around 5 or more years. If the last 5 years they were non-compliant, do they then have to redo and represent all their preformance data from the last 5 years?
It seems near impossible to recalculate their previous 5 years to GIPs. Redoing cost vs market, trade date vs settlement date, etc.
Am I missing anything here?

brazilatz

prob why 1% of all firms comply with GIPS
i never see it used in real life

Zestt

wait til verification become required with CFAI selling vrification licenses …………lol bows at swaggarific pimping when i see it

Palantir

They can choose to be in compliant whole time since 2000 or only present 5 years. Have to present 5 years at a minimum though.

DoubleDip

It just doesn’t seem practical. Oh well I don’t make the rules, I just try to remember them.

Colum

i think the question is do they have to go back and do ‘all of the work’ on the past five years or just claim compiance from the day that they decide to become compliant
if they have perf going back to 1999 but decide to follow GIPS in 2012, do they have to go back and be ‘in compiance’ or the past 10 years, or can they just show being in compliance beginning in 2012 and not show a prior track record?

transferpricing

From reading more it seems, the five year period after the year 2000 must be GIPS compliant. So logically they must have to restate their prior peformance although I don’t see such a phrase being used.