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The Investment Performance Council (IPC) is composed of 36 members from 15 countries and serves as the global committee responsible for the Global Investment Performance Standards (GIPS). The principal goal of the IPC is to have:

A)	all countries worldwide adopt the GIPS standards as the standard for investment firms presenting historical performance.

B)	all countries with developed financial markets adopt the GIPS standards as the standard for investment firms presenting historical performance and become members of the IPC.

C)	all firms in the IPC-represented countries adopt the GIPS standards as the standard for investment firms presenting historical performance.

The IPC envisions the GIPS compliance as a “passport” that allows firms to enter the investment arena, which will level the playing field on a global basis.

Compliance with the CFA Institute Performance Presentation Standards (PPS) or the Global Investment Performance Standards (GIPS) is:

A)	the only way to comply with Standard V(B), Performance Presentation.

B)	required by the Code of Conduct.

C)	the best way to comply with Standard V(B), Performance Presentation.

According to the Standards of Practice Handbook, complying with the PPS and GIPS is the best way to comply with Standard V(B). However, a firm is not required to be in compliance with either PPS or GIPS in order to claim compliance with Standard V(B). Compliance with the PPS or GIPS is neither required by the Code and Standards nor the SEC.

Which of the following statements most accurately describes why the Global Investment Performance Standards (GIPS) were created? To:

A)	meet the need for a single globally accepted set of investment performance presentation standards.

B)	meet the need for a single globally accepted set of regulatory guidelines among developed securities markets.

C)	provide comparability of performance results among nations for which no presentation guidelines currently exist.

Recognizing the need for one globally accepted set of investment performance presentation standards, CFA Institute sponsored and funded the Global Investment Performance Standards Committee to develop and publish a single global standard by which all firms in all countries calculate and present performance to clients and prospective clients.

Which of the following best describes the underlying principles upon which the Global Investment Performance Standards (GIPS) are based?

A)	Full disclosure and fair representation of performance results.

B)	Fair and consistent application of a global set of regulatory requirements.

C)	Uniformity and consistent application of standards for the global regulation of the securities industry.

The GIPS standards are a set of voluntary standards based on the fundamental principles of full disclosure and fair representation of performance results.

Which of the following statements regarding CFA Institute Global Investment Performance Standards (GIPS) is TRUE? A firm that employs members of CFA Institute:

A)	is not required to conform to the GIPS.

B)	must choose to comply with either the Performance Presentation Standards (PPS) or GIPS.

C)	must comply with the GIPS only within the United States.

No firm is required to comply with either PPS or GIPS. These are CFA Institute guidelines, and a firm can choose to conform to one or both.

In 1995, the CFA Institute sponsored and funded the Global Investment Performance Standards (GIPS) in response to:

A)	a need to address issues, such as portability of investment results.

B)	an increase in insider trading.

C)	both of the reasons listed here.

The GIPS were created to address the portability of investment results, varying time periods, and survivorship biases. Insider trading was not an issue.

Which of the following statements regarding the Global Investment Performance Standards (GIPS) is TRUE? The GIPS standards:

A)	are considered to be the minimum global standard for historical performance presentation.

B)	are designed to supplement local standards of historical performance presentation in countries around the world.

C)	represent the highest performance measurement and presentation practice worldwide.

GIPS are envisioned as being “the” standard worldwide, and would eliminate the need for separate local standards. The CVG approach is currently utilized, but the goal is to converge all standards globally and eliminate the need for CVGs.

As countries adopt the Global Investment Performance Standards (GIPS), which of the following is least likely to occur?

A)	Existing and potential clients will be able to make fair and unambiguous comparisons among investment firms.

B)	Competition in the global investment industry will be enhanced.

C)	The trend toward cross country investments will decline.

There is no reason to expect the level of international investing to decline as a result of the adoption of a global set of performance standards. If anything, international investing will become more attractive as the credibility of reported performance results improves.

A)	screening mechanism for determining appropriate international investments.

B)	common yardstick for means of comparison.

C)	legal doctrine with criminal penalties.

Just like the Presentation Performance Standards (PPS), the GIPS serve as a yardstick so the performance of one individual or firm can be properly compared to that of another.