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比夏 · 2020年11月21日

问一道题:NO.PZ201603110100002601

* 问题详情,请 查看题干

问题如下:

1. Tidewater’s performance presentation for the large cap US value composite fails to comply with the GIPS standards because it does not present:

选项:

A.

cumulative composite and benchmark returns.

B.

the percentage of the total firm assets represented by the composite.

C.

the percentage of composite assets represented by non-fee-paying portfolios.

解释:

The composite description indicates that the composite contains both fee-paying and non-fee-paying portfolios. GIPS Provision I.5.A.6 states, "If a composite includes non-fee-paying portfolios, the firm must present the percentage of composite assets represented by non-fee-paying portfolios as of each annual period end." A is incorrect because the Standards recommend but do not require that firms present cumulative returns for all periods. B is incorrect because the Standards permit firms to present either the percentage of the total firm assets represented by the composite or the amount of total firm assets at the end of each annual period. (See Sections 3.12 and 3.13 of the reading.)

请问这道题哪里体现这个公司存在non-fee paying portfolio啊?

如果没有的话,也一定要专门说明吗?

还有选项C其实也不一定要披露比例吧,披露绝对值也是可以的吧?

1 个答案

韩韩_品职助教 · 2020年11月24日

嗨,爱思考的PZer你好:


同学你好,在表格下面第三个小点点里面说了,the composite consists of all-fee paying and non-fee-paying portfolios.

如果有non-fee-paying的组合的话,要披露non-fee-paying的比例。

一般只要披露percentage就行,因为是GIPS规定的firm披露比例就可以,所以公司在编制符合GIPS要求的业绩表现的时候,也就直接按照GIPS的要求来编制了,所以就直接披露percentage。

 


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虽然现在很辛苦,但努力过的感觉真的很好,加油!