Question：
Which of the following statements concerning why the Global Investment Performance Standards (GIPS) were created is least likely correct? The GIPS standards were created to:
A. provide clients certainty in what is presented and allow them to make reasonable comparisons.
B. establish a standardized, industry wide approach for investment firms to follow.
C. identify a set of ethical principles for firms to follow in calculating and presenting historical investment results.
Answer = A
The GIPS standards were created to ensure fair representation and full disclosure of investment performance, not to provide certainty in what is presented.
CFA Level I
“Introduction to the Global Investment Performance Standards (GIPS),” CFA Institute
Why Were the GIPS Standards Created?
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