Reading 49: Global Investment ....mance Standards－LOS l required, reporting, including, standards, Investment

tycoon

CFA Institute Area 3-5, 7, 12, 14-18: Portfolio Management
Session 18: Global Investment Performance Standards
Reading 49: Global Investment Performance Standards
LOS l: State the requirements and recommendations of the GIPS standards with respect to presentation and reporting, including the required timeframe of compliant performance records, annual returns, composite market values, and benchmarks.

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In January 2003, the Medusco Investment firm has decided to present its performance history in compliance with the Global Investment Performance Standards (GIPS). Medusco was formed on January 1, 1992, and has never before presented its performance results in compliance with the GIPS standards. Which of the following actions must Medusco take in order to claim GIPS compliance?

A) Present GIPS-compliant performance results for the 5-year period from January 1, 1998, through December 31, 2002.

B) Present GIPS-compliant performance results for the 5-year period from January 1, 1998, through December 31, 2002, and report five additional years of non-GIPS-compliant performance with a disclosure explaining why the performance in the earlier years is not GIPS-compliant.

C) Retroactively comply with GIPS for periods after January 1, 2000, and report non-GIPS-compliant performance results for the periods January 1, 1993, through December 31, 1999, with a disclosure explaining why these earlier years are not GIPS-compliant.

D) Present GIPS-compliant performance results for the 10-year period January 1, 1993, through December 31, 2002.

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Answer and Explanation

In order to claim GIPS compliance, Medusco must present at least five years of annual investment performance results that are compliant with GIPS. Medusco may, at its discretion, add an additional five years of results that are not GIPS-compliant to their five-year compliant history with a disclosure of the period of noncompliance and an explanation of why the presentation for these periods is not GIPS compliant.

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Assume that on January 1, 2005, a 15-year old firm with no Global Investment Performance Standards (GIPS) compliant performance history wishes to claim compliance with the GIPS standards. Which of the following accurately reflects the appropriate action for the firm to take?

A) Comply with GIPS for the year beginning January 1, 2004, and report nine additional years of performance history (ten total) and disclose why the earlier years are not GIPS compliant.

B) Comply with GIPS for the year beginning January 1, 2004, and report four additional years of performance history (five total) and disclose why the earlier years are not GIPS compliant.

C) Comply with the GIPS standards for the 5-year period January 1, 2000, through December 31, 2004, and report five additional years of non-GIPS-compliant performance and disclosure of why the performance in the earlier years is not GIPS compliant.

D) Report up to ten years of non-GIPS-compliant history and disclose why the performance presentation is not in compliance with GIPS.

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Answer and Explanation

In order to claim GIPS compliance, a firm must present at least five years of annual investment performance that is compliant with GIPS. If a firm or composite is less than five years old, the performance since the inception of the firm or composite must be presented. A firm may link a non-GIPS-compliant performance record to their 5-year compliant history as long as only GIPS-compliant performance is presented for periods after January 1, 2000, and the firm discloses the periods of non-compliance with an explanation of why the presentation is not GIPS compliant.

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Which of the following is NOT a Global Investment Performance Standards (GIPS) presentation and reporting requirement?

A) Performance for periods of less than one year must be annualized.

B) The composite creation date.

C) A measure of the dispersion of individual component portfolio returns around the aggregate composite return.

D) The number of portfolios and amount of assets in the composite and the percentage of the firm's total assets represented by the composite at the end of each period.

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Answer and Explanation

Standard 5.A.3 requires that performance for periods of less than one year must not be annualized.

CANON10

           数码短版印刷是相对于传统胶印而言的，虽然当今的传统

胶印无论在印刷速度，印刷品质与设备性能方面都达到了相当高

的程度，但在商业高度发展、并且提倡个性化经营服务的今天，

电子出版与跨媒体出版技术的进一步发展，采用按需印刷的客户

不断增多，印数与品种成为变量，在不降低品质的前提下，灵活

性成为另一项衡量市场竞争力的重要指标。传统的印刷方式已经

不能完全满足日新月异的市场需求，一种全新的印刷方式--数码

短版印刷便在新的印刷市场环境下孕育而生了。
           


        简单地讲，数码印刷就是由电子文件直接成像于印刷介质

（如纸张），有别于传统印刷的一种全新印刷方式。


数码印刷的特点?


一张起印 无需制版 立等可取 即时纠错 可变印刷 按需印刷


数码印刷的好处
         

           【简便快捷】：


  数码印刷因为省却了菲林、拼版及晒版等繁复工序，在少量印刷

及急件上有着绝对的优势。另外，除了专业级的美术软件外，一

般办公室软件均可直接输出至印刷机，省却稿件的转换时间。


             【灵活处理】：


        印刷制作的全面电脑化让我们能为客户提供具有弹性的印刷

服务，及灵活处理客户的不同需求，包括内容及数量。这种弹性

处理印刷资料的技术，大大加强了客户在分秒必争的商业环境中

的优势。


              【无最低数量要求】：


数码印刷不设最低印刷量要求，故此十分灵活方便，适合款多量

少的宣传品或测试市场口味的少量印刷。


为什么要数码印刷

                   【市场需求】：


现代商业活动需求即时性强，灵活多变的印品，信息、内容、宣

传品很快会过时，而传统胶印一次性印刷大量实效性不强的印

品，虽然会减低单张成本，但实际上根本不可能有如此大量的需

求，多印部份实际也成了废品而浪费掉了。数码印刷真正迎合日

新月异的商业印品需求，快速印刷如数量少、品种灵活的印品。


                【未来发展趋势】：
        如今数码商务文印市场的发展速度是非常惊人的，高速发展

的信息化进程产生了大量需分发、交流、并且共享的信息资源，

传统印刷行业的落后与相对薄弱的服务环节和本身具有的快速的

灵活能力促进了数码短版输出行业的快速发展！


             【应急】：
         数码印刷由于无需传统胶印繁杂的工序，只需由计算机发往

印刷机即出成品，因此在急件印刷上是传统胶印无法比拟的。


              【可变数据印刷】：
         数码印刷可以输出个性化内容和变化信息用品，这是传统胶

印根本无法实现的。


数码印刷与传统胶印的比较：

          1、工序简单，节省时间

传统胶印 ：设计-客户审稿-出片-晒版-打样-客户审验-印厂晒板-

追色-成品

数码印刷 ：设计-客户审稿-成品


          2、灵活性高

可变资料印刷：传统印刷无法解决。

及时更正印刷错误：传统印刷发现错误须重新发片、重新印刷。

品种多数量少的印品：传统印刷解决困难，而且成本极高。

数码印件分类：

       1、 页数很多但需要数量很少，如：投标书、可变信息报

表、物业管理手册、出版社等审批的书刊、网上下载打印成书本

等。

        2、 页数较多，但需要的本数不多。如：通讯录、菜谱、汇

报材料、VI手册、培训资料、应急本、说明书、用户手册、规划

方案书等。


          3、 页数少，而数量相对较多，但还不足以达到传统印刷批

量。如：DM单、请柬及邀请函、贺卡、停车证、工作证、入场

卷、会议通知等。


数码短版印刷的应用领域

         高品质的印品是加强企业与用户之间进行沟通、改善企业形

象的重要手段，许多原本不受重视的细节，如（时效性印品、产

品说明书、用户培训手册）等，现已成为体现产品品质，提高客

户满意度，进而提高企业竞争力的重要因素。他们通过专业的数

码短版印刷服务机构来满足自身对各种文件处理方面的需求，从

市场发展的角度出发，外包服务将是企业印品需求的趋势，通过

此种方式，企业可以将大量的文件与宣传品外包给相应的服务供

应商，从而降低其运营成本，企业利用资金，集中致力于自身的

业务，同时更能够从专业的供应商那获得高质量、高效率的印

品。

数码印刷在国内主要成功应用

1、商业印刷类应用：短版、快印、标书、VI手册、产品说明

书、

2、邮政类客户应用：直邮商函、个性化明信片、个性化邮票。

3、出版物印刷类应用：短版图书、校对样书、送审书、征订图

书、再版书、个人出书 、学术专著。

4、高校印刷类应用 ：不断更新的教材参考资料、讲义、学术论

文、个人专著。

5、制卡行业类应用：社保卡、电话卡、照片卡。

6、政府文印类应用：会议文件、资料汇编、情况通报、保密资料

印刷等。

7、个人应用：个人书画/摄影/设计作品集、个人明信片、个性

化请柬及邀请函、个人挂历、年历、、台历、节日贺卡、个性化

证书、个人专著、个人出书。

数码印刷主要市场应用方向

1、事务用品：高档名片、信纸、信封、便笺、表格、标签、明信

片、贺卡、工作证、光盘贴……


2、业务用品： 投标书、方案书、策划案、公司简介、画册、企

业年报、财务报告、产品型录、投资报告、VI手册、传单、海

报、价目表、邀请函、聘书、菜谱、茶谱、酒水单、优惠券、内

部期刊……

3、会议用品：简报资料、提案用图表、投影片、可行性报告、议

程表、资料夹、备忘录、名牌、桌牌、会场海报、通讯录、快

讯、通知书、总结报告……


4、个性化用品：个性化明信片、喜帖、请柬、年历、圣诞、贺年

卡、纪念册、会员卡、胸卡、工作证、毕业论文、毕业纪念册、

毕业推荐书、奖状、录取通知书、毕业证书、写真集、照片集、

个人出书……


5、工业生产：数码打样、快速印刷、短版图书、网络印刷、杂志

期刊、数码相片、照片集、写真集、防伪印刷、证卡印刷、标签

印刷、可变数据印刷、数据库印刷……

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