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The standards are checked by a 'verifier' usually an auditor.
Rajiv Casie Chitty, the GIPS chair at CFA Sri Lanka said discussions with the fund management community and regulators has been in progress for some time.
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"It has been well received by the fund management community," Casie Chitty said.
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"They see the value of having global standards especially when you trying to attract foreign fund bases.
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The latest standards GIPS 2010 has been released which the CFA Sri Lanka is promoting as the country sponsor.
GIPS has rules on how to measure the performance of a fund manager preventing rates of return from being exaggerated or manipulated and allowing different funds to be compared without being misled.
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