Standard III(D) cases: fair, accurate and complete performance

In short

• Test every claim as the client will read it: is it fair, accurate and complete in period, source, who earned it, what is included and how it was calculated?
• Never state or imply that past returns will repeat; one strong year is not a trend, and a firm-wide claim must reflect all account categories.
• Composites include every account that meets the criteria (terminated ones too) and are asset-weighted. No selective membership, no single hand-picked 'representative' account.
• Label what a figure is: simulated or model, prior firm, gross or net of fees, after tax, time- or money-weighted.
• A GIPS compliance claim must be true in every respect; one failed requirement makes the claim itself the violation.
• Changing a method or a policy (attribution, period end dates, when new accounts enter a composite) needs disclosure and reasons. Switching to whichever looks best, unannounced, misleads.