In our February newsletter I mentioned that the new edition of the Global Investment Performance Standards (GIPS(R)) (i.e., GIPS 2010) doesn’t reference “early adoption” as the ’05 version does. What I failed to do was to indicate that this wording is in the press release that announces the new version. There (if we take the time to read it, which clearly I didn’t) we find: “Firms that claim compliance with the GIPS standards have until 1 January 2011 to adhere to the new requirements, and early adoption is recommended.” (emphasis added)
I apologize to our readers and the GIPS Executive Committee (EC) for not taking the time to read the press release in its entirety. I will make note of this in our March issue, as well.