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News November 15, 2004 Issue

Error Correction Guidance

The CFA Institute (formerly AIMR) recently released a new guidance statement on error correction. The statement, which focuses on errors in preparing performance-related information, suggests that firms adopt written error correction policies and procedures and prospectively define what will be considered a "material" error (for purposes of determining whether the error must be reported to existing clients as well as any prospective clients that received erroneous information).

Comments on the proposed statement, which would apply to GIPS (but not AIMR-PPS) compliant firms, are due by February 28, 2005.