The Global Investment Performance Standards (GIPS) are voluntary standards for the calculation and reporting of investment performance. An updated version of those standards (GIPS 2020) takes effect at the beginning of next year. A recent program hosted by K&L Gates and The Spaulding Group explained the fundamental changes included in GIPS 2020, ways those changes differ from the August 31, 2018, exposure draft and steps advisers should take to prepare for the new regime. The program featured Jennifer Barnette, vice president of The Spaulding Group; Michael S. Caccese, K&L Gates management committee chair; and Michael W. McGrath, partner at K&L Gates. This article, the first in a two-part series, synthesizes the panelists’ insights on, among other topics, the new GIPS framework; composites versus pooled funds; and the use of money-weighted returns in calculating and presenting performance. The second article will discuss GIPS reports, portability of track records, carve-outs, verification standards, advertising guidelines and other issues of particular relevance to fund managers. See “The Ins and Outs of GIPS Compliance: What Hedge Fund Managers Need to Know About the Voluntary Standards and Pending Revisions” (Aug. 30, 2018).