Ethical and Professional Standards Q157

157Which of the following statements is most likely a key feature of the GIPS standards? In order to meet the objectives of fair representation and full disclosure and achieve best practice in the calculation and presentation of performance,

A
firms should adhere to the minimum requirements of the GIPS standards, but adhering to the recommendations is optional.
B
firms should adhere to the minimum requirements and recommendations of the GIPS standards.
C
it is enough if firms comply with the standard related to Performance Presentation in the CFA Institute Standards of Practice Handbook.

Option : B
Explanation : To achieve best practice in calculation and presentation of performance, firms should adhere to the minimum requirements and recommendations of GIPS standards.

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