- September 1, 2019: Vol. 31, Number 8

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CFA Institute releases final version of 2020 GIPS

by Loretta Clodfelter

The CFA Institute has released the latest iteration of its Global Investment Performance Standards (GIPS) — standardized best practices for investment performance reporting and presentation by asset managers.

The 2020 GIPS, which have an effective date of Jan. 1, 2020, will offer a new global voluntary standard for reporting that will increase transparency and comparability of investments. Some of the new changes in the 2020 GIPS include money-weighted returns, updated requirements for composites and provisions specifically for asset owners.

Of particular interest to the real estate investment community, external valuations of real estate investments will be required at least once every 12 months for open-end funds.

“For all other real estate investments, an external valuation is required at least every 12 months or must be subject to an annual financial statement audit. If the client opts out of annual valuation, the fund must be valued at least once every

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