老师，C为什么不对？

问题如下：

A charitable foundation transfers securities in kind to Taurus Asset Management Ltd. to fund a new private equity portfolio. Taurus estimates that, after liquidating the transferred securities, it will take five months to invest the foundation’s assets in privately held companies. Which statement best describes a requirement of the GIPS standards? Taurus must include the foundation’s portfolio in the appropriate private equity composite:

选项：

on a timely and consistent basis.

when the assets are substantially invested.

as of the beginning of the next full measurement period.

解释：

A is correct.

Provision I.3.A.5 states, "Composites must include new portfolios on a timely and consistent basis after each portfolio comes under management." In this case, it is expected to take an extended period to invest the new client’s assets in accordance with the composite strategy. Assuming Taurus complies with the GIPS standards, its documented policy would provide for the inclusion of new private equity portfolios in the composite on a timely basis. For example, Taurus’s policy may require new portfolios to be included in the composite as of the first full measurement period that the assets are fully invested. Taurus must apply its policy consistently. (See Section 3.9 of the reading.)