It occurred to me that this might help:
- published date: 2010; thus, the name "GIPS 2010," because the revision was published in the year 2010.
- effective date: 2011; this is the date the standards went into effect. The problem is understanding what this means. I think perhaps a better term, never previously revealed is:
- compliance date: the date a firm must comply with the new provisions. And what is this date? It depends!
- if you report monthly returns in your presentations, then in February when you report the returns for January you need to comply,
- if you don't report monthly returns on your statements but do report quarterly, then in April when you report on your first quarter 2011 results, you need to be compliant,
- and, if you don't report monthly or quarterly, but only annual figures, then in January 2012 when you report on the year 2011 returns, you will need to comply.