NO.PZ2022010501000018
问题如下：
Macondo Institutional Asset Management has been managing equity, fixed-income, and balanced accounts since 2007. The firm became GIPS-compliant on 1 January 2012 and has prepared GIPS Composite Reports using time- weighted returns for the 2007–2019 period. Fixed-income performance was poor prior to 2015, when a new team of managers was brought on board. When Jorge Garcia joins Macondo as marketing director in June 2020, he suggests showing performance starting with calendar 2015, the first year that performance started to improve. He proposes to show composites with returns for the five calendar years 2015 through 2019. Does this course of action comply with the GIPS standards?
选项：
解释：
The GIPS standards require that when a firm initially claims compliance with the GIPS standards, it must present at least five years of GIPS-compliant performance (or for the period since the composite inception date if 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 the composite inception date if the 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. In 2020, Macondo must present performance from 2010 through 2019. Macondo Institutional Asset Management thus cannot drop the years prior to 2015 at the time Garcia suggests it do so. In addition to violating a specific requirement, Garcia’s suggestion was not in the spirit of fair representation and full disclosure of performance. The firm may eliminate returns from more than 10 years ago from its GIPS Report, as long as it continues to show at least the most recent 10 years. It is recommended, however, that Macondo show its entire GIPS-compliant performance record.
GIPS 标准要求，当一家公司最初声称符合 GIPS 标准时，它必须提供至少五年的 GIPS 合规绩效（或者如果composite的存在时间少于五年，则在composite开始日期后的这段时间内）。在展示了至少五年的 GIPS 合规业绩（或自composite成立之日起的期间，如果composite成立不到五年），公司必须每年提供额外一年的业绩，累积到至少 10 年才符合 GIPS 标准的。因此在 2020 年，Macondo 必须展示 2010 年到 2019 年的业绩。Macondo 机构资产管理公司不能按照 Garcia 的建议不展示2015 年之前的年份业绩。除了违反特定要求外，Garcia的建议不符合公平代表和全面披露业绩的精神。该公司可以从其 GIPS 报告中剔除 10 多年前的回报，只要它至少继续显示最近 10 年。但是，建议 Macondo 显示其完整符合 GIPS 标准的业绩记录。。
如题
