这题的感觉没披露的大部分都是细节描述？

问题如下：

It is 2011. Bristol Capital Management is the intermediate global fixed-income manager for the Jarvis University endowment fund. Bristol has prepared the performance report shown below. James Chan, consultant to Jarvis University, reviews the report and tells the fund’s investment committee that the report does not meet the minimum requirements of the GIPS standards.

Identify four omissions that prevent the Bristol Capital Management performance report from being in compliance with GIPS standards. Also identify four items included in the Bristol Capital Management performance report (other than omissions) that do not comply with GIPS standards.

(Returns for 1Q 2011 are annualized.)

Bristol Capital Management has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS®), except for the use of cash-basis accounting for the recognition of interest income. Allied Verification, Ltd. has verified the Bristol Capital Management Intermediate Global Fixed Income Composite.

Notes:

7. Bristol Capital Management is an independent investment management firm founded in November 1999.

8. Performance results are presented before investment management and custodial fees.

9. Portfolio valuations are computed quarterly and are denominated in US dollars.

10. Bristol Capital Management uses derivative products to enhance portfolio returns.

11. All accounts worth more than $1 million that are invested in the Intermediate Global Fixed Income strategy are included in the composite at the beginning of the first full quarter under management.

12. The Intermediate Global Fixed Income composite includes several non-fee-paying accounts.

选项：

解释：

The report has a large number of omissions and errors.

Omissions that prevent the Bristol Capital Management performance report from being GIPS-compliant includes the following:

• The availability of a list of composite descriptions is not disclosed as is required (I.4.A.11).

• The availability of policies for valuing portfolios, calculating performance, and preparing compliant presentations is not disclosed (I.4.A.12).

• Although Bristol does disclose the use of derivatives, it appears that the firm has not included all the required disclosure in this area. The firm must disclose the presence, use, and extent of leverage, derivatives and short positions, if material, including a description of the frequency of use and characteristics of the instruments sufficient to identify risks (I.4.A.13).

• If the firm has included non-fee-paying portfolios in its composite, the percentage of the composite assets represented by non-fee-paying portfolios must be disclosed as of the end of each annual period (I.5.A.6).

• The composite creation date must be disclosed (I.4.A.10).

• Because the composite represents a global investment strategy, the presentation must include information about the treatment of withholding taxes on dividends, interest income, and capital gains, if material (I.4.A.20).

• Both a composite description and benchmark description must be disclosed (I.4.A.3-4).

• A fee schedule appropriate to the compliant presentation must be disclosed (I.4.A.9).

There are many items included in the Bristol Capital Management performance report that are not compliant with GIPS, including the following:

• The GIPS standards state that performance periods of less than one year must not be annualized, as Bristol does for the first quarter of 2011 (I.5.A.4).

• GIPS verification cannot be performed for a single composite as is stated in the presentation. Verification does not provide assurance about the performance of any specific composite. Firms must not state that a particular composite has been "verified" or make any claim to that effect (IV.A.3).

• For periods beginning on or after 1 January 2001, portfolios must be valued at least monthly. For periods beginning on or after 1 January 2010, portfolios must be valued on the date of all large cash flows. Bristol is valuing portfolios quarterly (I.1.A.3).

• A firm must use the appropriate compliance statement as specified in the GIPS standards. There are no allowances for partial compliance. If a firm does not meet all the requirements of the GIPS standards, the firm must not represent or state that it is "in compliance with the Global Investment Performance Standards except for..." or make any other statements that may indicate partial compliance with the GIPS standards. Bristol’s use of the "except for" compliance statement violates the Standards (I.0.A.6) and the appropriate compliance statement has not been used (I.4.A.1).

• The firm must disclose which measure of internal dispersion is presented (I.4.A.8).

• The GIPS standards state that accrual accounting must be used for fixed-income securities and all other investments that earn interest income (I.1.A.6). Bristol states that it uses cash-basis accounting for the recognition of interest income.