NO.PZ2016031101000024
问题如下：
Bentwood Institutional Asset Management has been managing equity, fixed-income, and balanced accounts since 1986. The firm became GIPS-compliant on 1 January 2001 and prepared composite performance presentations for the 1996-2000 period. Fixed-income performance was poor prior to 2001, when a new team of managers was brought on board. When Christopher Cooper joins Bentwood as marketing director in June 2006, he suggests showing performance starting with calendar 2001, the first year that performance started to improve. He proposes to show composites with returns for the five calendar years 2001 through 2005. Does this course of action comply with the GIPS standards?
选项： 解释：
The GIPS standards require that at least five years of GIPS-compliant performance be reported (or for the period since firm’s inception or the composite inception date if the firm or the composite has been in existence less than five years). After presenting a minimum of five years of GIPS-compliant performance (or for the period since firm’s inception or the composite inception date if the firm or composite has been in existence less than five years), the firm must present an additional year of performance each year, building up to a minimum of 10 years of GIPS-compliant performance (I.5.A.1a). Bentwood Institutional Asset Management could not drop the years prior to 2001 at the time Cooper suggests it do so. In addition to violating a specific requirement, Cooper’s suggestion was not in the spirit of fair representation and full disclosure of performance. Technically, the firm will be able drop the early years of its composite presentation once it has established a 10-year GIPS-compliant record, as long as it continues to show at least the most recent 10 years. For instance, it will be able to show just the 10 calendar years 2001-2010 after the composite returns for 2010 become available. However, it is recommended that Bentwood show its entire GIPS-compliant performance record (I.5.B.7). (See Sections 3.12 and 3.13 of the reading.)
After presenting a minimum of five years of GIPS-compliant performance (or for the period since firm’s inception or the composite inception date if the firm or composite has been in existence less than five years), the firm must present an additional year of performance each year, building up to a minimum of 10 years of GIPS-compliant performance. 请问老师这句话什么意思？到底是五年还是十年？好晕
