读 GIPS document.
LOS 3.a: Explain why the GIPS standards were created, what parties the GIPS standards apply to, and who is served by the standards.
在GIPS 公布之前，投资人很难获得真正具有分析和比较价值的投资业绩数据。由于投资业绩表述具有不同的标准或依据，甚至都是“王婆卖瓜，自卖自夸”，因而不同公司的投资业绩很难进行比较，也导致了投资业绩报告缺乏必要的准确性和可信性。具体来说，容易对投资者产生误导的常见情况包括投资人很难获得真正具有分析和比较价值的投资业绩数据。由于投资业绩表述具有不同的标准或依据，甚至都是“王婆卖瓜，自卖自夸”，因而不同公司的投资业绩很难进行比较，也导致了投资业绩报告缺乏必要的准确性和可信性。
Misleading reporting procedures:
--Representative accounts: showing a top-performing portfolio as representative of a firm's result.
精选账户（Representative Accounts）。公司选择某一最佳的投资组合业绩来代表公司整体业绩情况.
--Survivorship bias: excluding "weak performance" accounts that have been terminated.
存续性偏见（Survivorship Bias）。公司对外展示其历史“平均”投资业绩，却故意隐瞒了过去因不良投资业绩而关闭的账户。
--Varying time periods: showing performance for selected time periods with outstanding returns.
选择有利的时间段（Varying Time Periods）。一些公司会选择投资业绩较为理想时期的财务数据对外公布，从而使期投资业绩与其他公司缺乏可比性.
GIPS are a set of ethical principles based on a standardized, industry-wide approach. Investment firms can voluntarily follow GIPS in their presentation of historical investment results to prospective clients. These standards seek to avoid misrepresentations of performance.
GIPS 是一套基于实践驱动，标准化的，全行业范围内方法的道德准则。投资公司在向潜在客户展示其投资的历史数据时，可以自觉遵守 GIPS。这些标准旨在避免投资表现的不良表达方式
GIPS apply to investment management firms and are intended to serve prospective and existing clients of investment firms. GIPS allow clients to more easily compare investment performance among investment firms and have more confidence in reported performance.
GIPS 适用于投资管理公司，使得投资公司的潜在客户和现有客户能够从中受益. GIPS 允许客户能够更容易比较不同投资公司的投资表现，同时对于报告的投资表现更加有信心
LOS 3.b: Explain the construction and purpose of composites in performance reporting.
A composite is a grouping of individual discretionary portfolios representing a similar investment strategy, objective, or mandate. e.g. Large Capitalization Growth Stocks. Reporting on the performance of composites gives clients and prospects information about the firm's success in managing various types of securities or results for various investment styles.
GIPS 的关键概念之一是“复合投资组合( composite)”。所谓复合投资组合是指基于特定的投资目标或投资策略，将一组投资组合集合在一起而形成的金融产品。对于特定的复合投资组合而言，它必须包含所有具有相同投资目标或投资策略的投资组合，且这引起投资组合均为实际的、付费的和完全自主管理(discretionary)的投资组合。
A composite, such as International Equities, must include all fee-paying, discretionary portfolios( current and past) that the firm has manage in accordance with this particular strategy. The firm should identify which composite each managed portfolio is to be included in before the portfolio's performance is known. This prevents firms from choosing portfolios to include in a composite in order to create composites with superior returns.
举例来说，如果一家符合GIPS 标准的公司对外发布其全球股票复合投资组合的业绩情况，则该复合投资组合必须包含其管理的所有基于全球股票投资战略的投资组合，或者曾经管理过的所有投资组合。公司不能主观地选择包含在该复合投资组合中的全球股票投资组合，对投资组合的选择纳入到复合投资组合的选择标准应当基于事先的确定（如上例中的全球股票投资战略）。这样，就可以避免投资管理公司只选择具有较佳业绩的投资组合来构建其复合投资组合。
LOS 3.c: Explain the requirements for verification.
Verification---requirement:
Verification is performed by a third party, not by the firm itself, on a firm-wide basis. This third party verifier must attest that (1) the firm has complied with all GIPS requirements for composite construction on a firm-wide basis and (2) the firm's processes and procedures are established to present performance in accordance with the calculation methodology required by GIPS , the data requirements of GIPS, and in the format required by GIPS.
Verification---recommendations:
--Firms are encouraged to pursue independent verification. Verification applies to the entire firm's performance measurement practices and methods, not a selected composite.
--Verified firms should include the following disclosure language:
"[Insert name of firm] has been verified for the periods[insert dates] by [name of verifier]. A copy of the verification report is available upon request. "
公司自愿决定是否遵循 GIPS 标准，同时，公司也可以自愿聘请由第三方对其是否符合GIPS 标准进行认证。
认证并不是确保每一个复合投资组合的计算的准确性，而是 1）公司是否从整体上（firm-wide basis）符合 GIPS 标准；2）公司的政策及计算程序是否符合 GIPS 标准；
认证必须由第三方进行认证，公司不能自己认证自己；
认证也必须是基于公司整体（firm-wide），而不能对公司某部分组合进行认证；
认证后的公司需要在披露信息中包含以下语言：（公司名称）已经在该期限（时间期限）得到（认证机构）的认证。如有需要，可出示认证报告。
